Bozeman, Montana experienced a roughly 20% population increase since 2019, driven by an influx of out‑of‑state residents attracted by low taxes and the popularity of the television series “Yellowstone.” The rapid growth has pushed home values up about 40% in two years and driven rents higher, creating a clear divide between longtime locals and newcomers.

The state has long drawn conservatives seeking low sales, luxury and inheritance taxes, and the pandemic amplified migration from the East and West coasts, according to Mark Corner, president of Southwest Montana Realtors. Private jets now regularly land at the local airport, with 80 to 100 private aircraft on the tarmac each day, primarily serving guests of the exclusive Yellowstone Club, Corner added. Local buyers were systematically outbid by cash offers from out‑of‑state residents, leading the state realtor association to add a disclosure form for sight‑unseen purchases.

Home values have risen about 40% in two years, Corner said, while apartment construction has accelerated, with one‑bedroom rents exceeding $2,000 per month. A rent strike at two mobile home parks, organized by the Bozeman Tenants United, protested an almost $100 increase in monthly plot fees; the park was later sold to a California‑based management company, leaving residents uncertain about their housing security. Mayor Joey Morrison, elected in November 2023 on an affordable‑housing platform, said that many residents now work multiple jobs, delay having children, or commute longer distances.

Representative Katie Fire Thunder and union leader Sam Forstag, both young progressive figures, have highlighted the mismatch between local needs and state‑level decisions that favor wealthier residents. The situation remains unresolved as housing supply struggles to keep pace with demand, leaving the future of affordable options uncertain.