Billings population8/14/2023 What we learned on a community engagement trip to Billings Read additional features inspired by the Minneapolis Fed’s recent conversations in the Billings region: 2 (Unless noted otherwise, all data on Billings in this article refer to the full, three-county Billings MSA.) Yellowstone County itself has more than 160,000 residents. The Billings MSA includes Yellowstone, Carbon, and Golden Valley counties and is home to more than 171,000 people, or nearly 1 in 6 Montana residents. It also has higher-income households living in lower-cost units, which exacerbates affordability challenges for lower-income renters. 1 Billings has a numerical shortage of rental units affordable to extremely low-income households. Among lower-income renters, however, three-quarters are housing-cost-burdened, and roughly two-fifths are severely housing-cost-burdened, which means they spend more than 50 percent of their gross income on housing. Overall, about two-fifths of the renters in the three-county Billings metropolitan statistical area (MSA) are housing-cost-burdened, which means they spend at least 30 percent of their gross income on housing expenses. Lower-income renters face challenges in finding affordable housing in Billings. When asked about the barriers to economic mobility for low- and moderate-income Billings-area residents, these stakeholders frequently cited a lack of affordable housing options. Recently, a team from the Minneapolis Fed spent a week in Billings, Montana, and on the nearby Crow Reservation talking with a range of public and private stakeholders to improve our understanding of the region’s community conditions and community development sector. About 70 percent of Billings residents are homeowners among many of the renters who make up the remaining 30 percent, high housing costs create financial challenges-and may be an economic-mobility barrier.Getty Images A single-family-home development in Billings, Montana.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |