Every 5 to 6 years, the U.S. Census Bureau provides data on our city, county, jobs, real estate data. Here are some data points from a City of Bozeman report on Demographic and Real Estate Market Assessment published in 2018. Check out the highlights below!
City of Bozeman Population
Population Growth projection for the Gallatin County by 2045 is 159,000 people
2017 - Current Population in Gallatin County is 105,000 people
In the next 28 years, Gallatin County is projected to grow at 2,000+ people per year until 2045.
Out of this growth, about half of the growth is likely to occur in the City of Bozeman.
Land Demand Projections
For residential, single family dwellings the density standard will be 3.0 units per every 1 acre. This is an average of 7,100 square foot per lot.
"The presence of of Montana State University directly impacts the general demographics of Bozeman."
In 2016 from Census data, the owner household income in Bozeman was $68,282 vs. $33,887 for a renter household. In Bozeman, renters outweighed owners, Owner household 44% vs. 56% Renter household.
Renting in Bozeman
If you are wondering if investing in Bozeman is a good idea, the short answer is YES. With median home prices increasing every year (current median price for single family homes $440,000 - Dec 2019) and the demand for housing for MSU students and young professionals, finding a good, affordable rental in Bozeman is high in demand and short in supply.
Check out these blog articles to gain insight if investing in Bozeman is right for you:
Investing in Bozeman Part 1
Investing in Bozeman Part 2
Employment has increased by a growth rate of 2.9% per year.
The largest gains of employment were in the following industries (highest to lowest):
- Real Estate and Rental and Leasing (2,646 jobs)
- Professional Scientific and Technical Services
- Accommodation and Food Services
- Healthcare and Social Assistance
- Retail Trade
and Construction (2,092 jobs)
Downtown Bozeman is seeing an impressive amount of growth in their retail and commercial spaces on Main Street or just a few blocks off of Main Street. City of Bozeman and our community sees the growing need to continue pushing the urban development. If you are visiting or new to town, check out my Downtown Bozeman Guide for my favorite must see places.
There is an overwhelming number of new tech companies flocking to Bozeman or being born out of Bozeman. There's also been a huge influx of Photonic companies.
There is so much more to the report and recent findings, that I highly recommend taking a few minutes to do a quick read. The 2019 Economic Seminar will be hosted in Bozeman next month, February 2019, and will be sharing some tid bits from the seminar in an upcoming blog post.
If you have any real estate questions, please contact me at Marisa@BuyBozemanHomes.com or call/text at (925) 785-2596.
Last updated 2/14/2020Posted by Marisa Owen on