Over the summer, a team of consultants from an organization called the Counselors of Real Estate (CRE) traveled to Billings to research the affordability of the region. Lead consultant Wendy Timm gave a presentation of the results to a gathering of city officials, realtors, and home builders.
The study was focussed on how to build houses for 29,000 inhabitants who cannot afford to buy an average priced house, majority of whom work in the industries that are largest in the locality. An official study is likely to feature a letterhead on it.
The report went on to say:
“The most stunning demographic statistic in the Billings area is that four of the top five occupations do not compensate employees with enough income to qualify to purchase a home at the July 2024 median sales price.”
The largest sectors constitute the wholesale trade, retailing, lodging and food services, health programs, and construction. The focus of this study is housing for the aged, young families, childless couples, and singles.
The paper makes recommendations for the construction of cheap rental properties and entry-level residences, both of which depend on more efficient land use, or denser development, in order to stay inexpensive.