A steady increase in home prices has triggered much concern over the rising cost of living in Bozeman, Montana. As Bozeman continues to receive national attention for its quality of life, the number of new residents moving to the area have made Gallatin County one of the fastest growing counties in the nation. As a result of this increase high demand and short supply are driving home prices in Bozeman to record highs. Over the last five years, the average sold price of a single family home in Bozeman has increased 45% - going from $313,504 in 2011 to $453,713 in 2015. Click here to read more about Bozeman’s real estate growth.
IS IT REALLY SO EXPENSIVE TO LIVE IN BOZEMAN?
A report by the Prospera Business Network stated that Bozeman’s cost of living was 1.6% above the national average as of early 2016. Compare that to Manhattan, NY where the cost of living is more than twice the national average or Portland, Oregon where the cost of living is nearly 31% higher.
In Bozeman, utility costs, transportation costs and miscellaneous goods and services helped to balance out Bozeman’s above average housing and healthcare costs. Utility costs were 6.7% below the national average, transportation was 1.9% less than average and miscellaneous goods and services were .9% below.
But, of course, the cost of housing in Bozeman is a different story. Bozeman’s housing costs were 8.8% above the national average. The average price of a new 2,400 sq.ft home on a .18 acre lot was reported at $354,272. The monthly rental rate for a 950 sq.ft apartment was estimated at $1,044. Healthcare costs were 5.6% above the national average.
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