M
ontana's population boom is driving home prices up at a faster rate than anywhere else in the country. This trend predates the popular TV series "Yellowstone," which debuted in 2018. From 2010 to 2020, Montana's population grew by nearly 10%, but housing construction only increased by 7%. The COVID-19 pandemic accelerated this growth, with a 5% increase from 2020 to 2023.

    Many newcomers are high-end buyers from the West Coast who can afford to bid up prices. Remote work has also contributed to the migration trend, allowing white-collar workers to bring their jobs and relocate. Montana's natural beauty and outdoor recreation opportunities are major draws for these new residents.

    As a result, median home listing prices in Montana have risen 85% over the past five years, outpacing every other state. In October, the median listing price was $646,975, ranking fifth highest in the nation. The statewide phenomenon is not limited to Bozeman, with significant price growth also seen in Missoula, Kalispell, Helena, and Butte.

    While existing homeowners have benefited from rising prices, many younger residents are struggling to afford homes. A recent analysis found Montana to be the least affordable state in the nation when comparing local incomes to home prices. "It's pretty much impossible for first-time homebuyers," says Kristen Campbell, a real estate agent. Some young residents have been forced to leave the state in search of more affordable housing options.