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Montana’s population boom fuels higher home prices and sends young, longtime residents packing
A population boom in Montana is driving up home prices there faster than in any other state in the nation, for good and for ill.
The trend predates the wildly popular drama series “Yellowstone,” which debuted in 2018 and stars Kevin Costner as Montana rancher John Dutton. The series’ final episodes began airing earlier this month.
From 2010 to 2020, Montana’s population grew by nearly 10%, but housing construction failed to keep pace, with the number of units increasing by just 7%. The COVID-19 pandemic turbocharged the trend, with Montana’s population growing almost 5% more from 2020 to 2023, according to census data.
“We have a ton of out-of-staters moving in and a lot of cash buyers,” says Kristen Campbell, a real estate agent with Homes of Big Sky in Bozeman, MT.
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