In the last decade, Bozeman’s population has grown by more than 40%.* Bozeman is one of the fastest-growing cities of its size in the U.S and its population is increasing by 2.65% per year, more than three times the growth rate of the state of Montana.**
According to this report, 73% of total moves in Montana in 2021 were people moving into the state. This was the highest inflow of new residents relative to the population in the entire country. Find out why Bozeman is growing so fast here.
You may be surprised to know that many of the people moving to Bozeman are moving from other areas in Montana.
According to the most recent data from the U.S Census Bureau, of all the people moving to Gallatin County, the highest number of people came from other areas in Montana. Flathead County was the highest, followed by Ravalli and Carbon County. After Montana movers, the highest number of people moved to Gallatin County from Colorado, Minnesota, California, Washington, and Florida.
According to the Prospera 2022 Economic Profile, 33 is the median age of Gallatin County residents. This is a shift from previous years. In 2019, the 20-29 age group was the largest segment of Bozeman’s population. Now, 39.7% of Gallatin County’s population are Millennials, followed by 20% Gen Z, 19% Baby Boomers, 16% Gen X, and 4.5% Matures. This shift could be attributed to Bozeman’s changing job market and growing tech industry which is drawing young professionals into the area. Montana State University also saw its first dip in enrollment numbers in 2020 after more than a decade of enrollment growth.
The median household income for Gallatin County is higher than the rest of the state, and a significant number of residents between 25-55 have comparable wages to their peers in the 45-64 age group. This further demonstrates that new job opportunities in the area are drawing in people of a younger age bracket. One very interesting thing reported in the Economic Profile was that more than 40% of income for residents in Gallatin and Park County was classified as “non-labor income”. This can come in the form of investments, age-related income, and economic hardship payments.
As for the people leaving Bozeman, the largest number of people went to other areas of Montana. Silver Bow County (Butte) was the most popular for people leaving Bozeman followed by Jefferson County, and Lewis & Clark County. Outside of Montana, the highest number of people leaving Bozeman went to Washington, followed by Texas, Oregon, California, Wyoming, and Florida. Click here to read our post, 5 reasons people are leaving Bozeman.
As part of our Ask a Bozeman Real Estate Agent series, we asked the real estate agents in our office, who is moving to Bozeman? Check out the video below to see what they said!
*statistics courtesy of the U.S Census Bureau
**statistics according to www.worldpopulationreview.com
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