Bozeman’s Affordability Crisis

The housing market in Bozeman, Montana is becoming increasingly unaffordable due to a lack of supply and increased demand. The population of Bozeman has rapidly increased over the past decade, with a 42% growth from 2010 to 2020, and a further surge in remote workers moving to the area following the COVID-19 pandemic. The success of the Bozeman airport and increased tourism, due in part to the popularity of the TV show Yellowstone, have also contributed to the population growth. Builders are struggling to keep up with the demand for housing, due to a lack of workers and land ready for development. The median price of a single-family home in Bozeman has risen 80% since 2019, reaching $860,000 in December 2022. Interest rates on mortgages have also been increasing, making it even more difficult for local residents to afford a home. Efforts to address the issue, such as down payment assistance programs and inclusionary zoning, have had limited success and in some cases have made the situation worse