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Gallatin County, MT

RANK #946 / 996  ·  POP 119,685  ·  MT

PROJECTED GROWTH: -2.6%

Gallatin County ranks in the bottom tier of U.S. counties on economic momentum.

[01] Why Gallatin County?

Gallatin County, Montana, is often first recognized for Bozeman, its largest city and county seat, which serves as a gateway to Yellowstone National Park. The county, situated in southwest Montana, is characterized by its dramatic natural scenery, including the Bridger and Gallatin mountain ranges and the Gallatin River. Commuting within the county is primarily by personal vehicle, though Bozeman offers a zero-fare bus system, Streamline, with routes extending to Belgrade and seasonal service to Bridger Bowl. The community offers extensive outdoor recreation, from whitewater rafting and fly fishing on the Gallatin and Yellowstone Rivers to hiking, cycling, and winter sports at Big Sky Resort and Bridger Bowl Ski Area. The Gallatin County Regional Park in Bozeman provides trails, a dog park, and Nordic ski trails in winter.

Life in Gallatin County attracts a mix of families, remote workers, and retirees drawn by the quality of life and access to natural amenities. Public schools in Gallatin County, including those in Bozeman, Belgrade, and West Yellowstone, are highly rated. The economy, historically rooted in agriculture, has diversified with strong growth in professional and technical services, healthcare, and tourism. Montana State University in Bozeman contributes to the local economy with its research programs. Recent economic developments include significant investment in data centers, a sector attracted by the region's infrastructure and tax policies. This growth has led to increased demand for housing and services.

[02] Market Snapshot

Housing Ratio
6.8x

Above national median (4.7x)

GDP Growth
+5.2%

Well above national median

Home Prices
-1.5%

Prices declining

Climate & Terrain
3.9

Favorable climate & terrain

Price/Rent
21x

Prices detached from rents

Housing is fairly valued at 6.8x relative to local economic output. Climate and geography support a structural premium. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Gallatin County U.S. National

The Numbers

DEMOGRAPHICS
Population
119,685
+2.54% YoY
Median Household Income
$83,434
Median Home Value
$526,700
-1.48% 12mo
Median Rent
$1,405
Average Annual Pay
$66,213
+6.0% YoY
Employment
73,217
+3.6% YoY
Income-to-Home-Value
0.1584
Less affordable than average
Migration Inflow
2.38%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$687,900
Days on Market
125
Slower market
Months of Supply
5.7
Buyer's market
Listings w/ Price Drops
14.5%
Building Permits (2024)
1,706
Single-Family Permits
1,006

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,623M
TOTAL
PROJECT AMOUNT STATUS
Meta Data Center
Meta
$1,500M Operating
Gallatin County Hidden Creek Affordable Housing
Gallatin County, United Housing Partners LLC, HRDC
$50M Under Construction
Gallatin County Courts Facility
Gallatin County
$46M Under Construction
Amazon Delivery Station
Amazon
$27M Operating

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +5.2% 84 percentile
Population Growth +2.5% 93 percentile
Income Growth +9.5% 72 percentile
Vacancy Rate 1.3% 35 percentile
Home Price Change -1.5% 18 percentile
Rent Growth -1.3% 4 percentile
Price/Rent 21x 7 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Gallatin County, MT a good place to move to?

Gallatin County has a Boom Town Index score of 5/100, ranking #946 among 996 U.S. counties. With job growth at +3.6% and a median household income of $83,434, it faces some economic headwinds compared to faster-growing counties.

Is Gallatin County affordable?

The median home value in Gallatin County is $526,700 with median rent at $1,405/month. The income-to-home-value ratio is 0.1584, which is less affordable than the national average.

Is Gallatin County growing or shrinking?

Population growth: +2.5% year-over-year. Job growth: +3.6%. Home values changed -1.5% in the past 12 months.

Are people moving to Gallatin County?

Yes — 2.38% of Gallatin County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

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