EXECUTIVE SUMMARY

Like markets across the country, Gallatin County is experiencing a severe and sustained shortage
of affordable housing options for middle-, moderate-, and low-income residents. However, the
market factors driving this shortage locally are more significant than nearly any other housing
market in the country. Population growth between 2010 and 2023, accelerated by pandemic-era
migration, overwhelmed housing supply, driving rents and home prices to levels incompatible with
local incomes in communities throughout Gallatin County. As of April 2026, the median rent in
Gallatin County is $2,195 per month, and the median home price is $789,000.

Without decisive action to address the affordability gaps in Gallatin County’s housing market,
middle-, moderate-, and low-income residents will continue to struggle to thrive in the communities
they call home, threatening economic stability and quality of life for the region as a whole.

The core barrier to creating more affordable housing in Gallatin County is that the cost to create
housing is greater than the price that a middle-, moderate-, or low-income household can afford.
This difference is called the “capital gap.” Without cash subsidies to close project Capital Gaps,
below-market housing cannot be delivered.

Full Report

New Bozeman report outlines ways to fund affordable housing statewide