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Yellowstone County, MT

RANK #662 / 996  ·  POP 165,524  ·  MT

PROJECTED GROWTH: +0.2%

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

[01] Why Yellowstone County?

Yellowstone County, Montana, is defined by the Yellowstone River, which carves through its landscape, offering both natural beauty and recreational opportunities. Located in south-central Montana, the county seat, Billings, is the state's largest city and serves as a regional hub. Commuting within Billings is primarily car-centric, though a public bus system, MET Transit, serves the city core. The area provides access to outdoor activities like hiking, fishing, whitewater rafting, and horseback riding, with destinations such as Four Dances Recreation Area near Billings and various access points to the Yellowstone River.

Life in Yellowstone County blends urban amenities with a suburban feel. The economy is diverse, with healthcare and social assistance being the largest employment sector, followed by retail trade and accommodation and food services. Major employers include Billings Clinic and St. Vincent Health Care. The county has seen recent economic growth, with investments flowing into sectors like healthcare and energy. Public schools in Yellowstone County are generally above average, and the average commute time for residents is under 20 minutes.

[02] Market Snapshot

Housing Ratio
4.4x

Below national median (4.7x)

GDP Growth
+5.7%

Well above national median

Home Prices
+1.4%

Above national median

Climate & Terrain
1.1

Moderate climate & terrain

Price/Rent
18x

Above national median (13x)

Housing is fairly valued at 4.4x relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Yellowstone County U.S. National

The Numbers

DEMOGRAPHICS
Population
165,524
+1.18% YoY
Median Household Income
$72,300
Median Home Value
$289,300
+1.44% 12mo
Median Rent
$1,055
Average Annual Pay
$62,688
+4.7% YoY
Employment
87,348
+0.8% YoY
Income-to-Home-Value
0.2499
Near national average
Migration Inflow
3.03%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$390,000
Days on Market
106
Slower market
Months of Supply
5.2
Buyer's market
Listings w/ Price Drops
14.1%
Building Permits (2024)
1,473
Single-Family Permits
850

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

[05] Capital Investment

$1,440M
TOTAL
PROJECT AMOUNT STATUS
Big Sky Campus Data Center
Quantica Infrastructure (Big Sky Digital Infrastructure)
$1,000M Planned
Yellowstone County Generating Station (Natural Gas Plant)
NorthWestern Energy
$310M Operating
MTSUN Solar Farm
Greenbacker Renewable Energy Corporation
$80M Operating
Beartooth Energy Storage Project
Beartooth Energy Storage, LLC (esVolta, LP)
$50M Planned

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

[06] Score Breakdown

GDP Growth +5.7% 88 percentile
Population Growth +1.2% 76 percentile
Income Growth +10.1% 81 percentile
Vacancy Rate 1.3% 34 percentile
Home Price Change +1.4% 52 percentile
Rent Growth +4.4% 72 percentile
Price/Rent 18x 16 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

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

Yellowstone County has a Boom Town Index score of 34/100, ranking #662 among 996 U.S. counties. With job growth at +0.8% and a median household income of $72,300, it faces some economic headwinds compared to faster-growing counties.

Is Yellowstone County affordable?

The median home value in Yellowstone County is $289,300 with median rent at $1,055/month. The income-to-home-value ratio is 0.2499, which is less affordable than the national average.

Is Yellowstone County growing or shrinking?

Population growth: +1.2% year-over-year. Job growth: +0.8%. Home values changed +1.4% in the past 12 months.

Are people moving to Yellowstone County?

Yes — 3.03% of Yellowstone 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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