‘Yellowstone’ boom pits lifetime Montana residents against wealthy newcomers

“Yellowstone” has become one of the hottest shows to stream. Filmed on location in the West, largely in Montana, the scripted television series tells the story of modern-day rancher John Dutton, played by Kevin Costner, and his family dynasty ta.

The plot is compellingly gripping, with backstabbing and family plots, high-powered plays and dramatic twists and turns, but the cinematography is the main factor that makes the appeal. Vast vistas, snow-capped mountains and charming small towns are captured throughout the episodes.

However, ask native Montanans what they think of the show, and you’ll likely face grimaces and criticism.

Ginger Rice, a lifelong resident of the state, said she initially vowed not to watch the series after watching only one episode.

“It’s not real,” she said. “It doesn’t portray the life of Bozeman or Montana as I thought it would.”

However, Rice, who admits that the show eventually hooked her, also recognized that the show made her home state alluring for viewers: “Did you see how our status looked The mountains and the savannah, and who couldn’t love this?”

Manufacturing has a significant economic impact on the state, according to a study by the University of Montana. When season four was shot on location last year, production cost the state $72 million, with businesses in the state receiving an additional $85 million in economic boost. The study was funded in part by Paramount, the company that owns the program.

That study did not quantify the impact of all the free advertising Montana received from “Yellowstone”. But it’s clear that the fictional John Dutton and his fictional sprawling ranch gave wealthy city fans an idea of ​​what it’s like to be a real-life baron of the Wild West.

“We had a bunch of wealthy individuals looking for ranches,” Robert Keith, founder of boutique investment firm Beartooth Group, told CNBC. “They’re looking to own really incredible big properties.”

When the demand for land and houses increases, prices also increase.

Around Bozeman, the average cost of a single-family home has skyrocketed from less than $500,000 before the pandemic to nearly $750,000 according to the Gallatin Association of Realtors. The areas around Missoula and Kalispell saw even stronger price increases. Rents are so high that even working professionals have trouble finding housing they can afford. And some landlords, seeking higher rents, are not renewing leases with tenants.

Big Sky Country’s population boom has been going on for years. Montana, the eighth smallest state by population, currently has a population of more than 1.1 million. From 2010 to 2020, the state grew 9.6% according to the US Census Bureau.

Then came Covid and remote work. In 2021, Montana becomes one of the fastest-growing locations in the nation, according to the US Census Bureau.

“A lot of our clients during the pandemic have gone out and sought shelter in the fields,” said Tim Murphy, a longtime Bozeman farm broker and partner at Hall & Hall. ranch, a safe place with no people around.”

Last year, Chris Kimbrell, who lives in Georgia, joined the mass migration to Montana, to work as a veterinarian in Bozeman. From his first visit when he was 9 years old, he says he was drawn to the state and continued to make return trips to fly fishing until college.

But he has given careful consideration to the rising cost of living.

“If it weren’t for a family member who let me live off his property, I really would have had to think a lot about moving out here,” Kimbrell said. “Rent and housing are becoming extremely expensive.” The support staff at his veterinary practice are paying the price of not having a home, he added.

Rice, a Montana resident, said her daughter and son-in-law recently received notice that their landlord would not renew their lease in the three-bedroom home they’ve rented for more than a decade. . It was a frantic scramble to even find a two-bedroom apartment for three times the rent they were paying, she said.

“My daughter said we would never be able to buy a house,” she said. “We tried to save but things just kept increasing.”

Some families, even those with full-time jobs, are turning to recreational facilities or tents. Local roads are now littered with campers, who can no longer afford to pay rent or own a home. Habitat for Humanity calls it the housing crisis. “Montana has quickly become inaccessible to those who live and work here,” the nonprofit said.

Longtime residents also criticize the cultural divide between newcomers and longtime Montanans. They scowl about newcomers to real estate but refuse to join and commit to their community.

“I used to like that you knew your neighbors. We still knew our neighbors, but we weren’t really friends with our neighbors,” Rice said.

She quietly complained that Bozeman was crammed with luxuriously dressed “highfalutins” who made her feel uncomfortable around them. And she says the city center is almost unrecognizable.

“I don’t like how busy it is. I don’t like the traffic. And it’s too expensive,” she said.

Longtime residents told CNBC that changes were also evident in Missoula and Kalispell. They say that outsiders are always in a hurry and are too loud with their unrealistic demands. In her previous job at a dry cleaner, a customer insisted on removing paint splashes from designer jeans, says Rice. “What are they drawing in those pants?” she wondered.

The “Yellowstone” effect reminds residents of another cultural clash, which developed when Hollywood portrayed Montana in the movie “A River Runs Through It.” The film, directed by Robert Redford and starring a rising movie star named Brad Pitt, was shot on this location in 1991 and released in 1992. It won an Academy Award for Cinematography. the best.

“At the time, fly fishing became popular, as there were a lot of people wanting to buy fly fishing properties in the area,” said Murphy, a farm broker.

As a result, the fly fishing industry grew 60% in both 1991 and 1992, according to Forbes.

He is seeing a rise again, he said, even as the uncertain economy is clouding. “When the stock market shakes and there’s turmoil, that’s going to boost our market because the land market is pretty stable,” he said.

Many of these newcomers with ample pockets and entrepreneurial aspirations fueled Montana’s burgeoning economy. Governor Greg Gianforte’s office said in May the state economy grew 6.7% in 2021, the fastest pace in more than 40 years, making it the seventh fastest-growing state economy in the world. nationwide..

Beartooth Corporation is betting that investors not only want financial returns, but also legacy. This company specializes in renovating degraded land – such as an old mine, ranches or ranches – and then selling it.

Keith, the founder of Beartooth, showed CNBC a creek that has been restored into a winding waterway, perfect for trout. Generations ago, it was tied into a ditch for agricultural use. But now fish draw birds. Ospreys build nests and the parents are seen feeding their young.

That’s the type of property that appeals to Montana-conscious buyers, says Keith. They want to see deer, deer, bears and butterflies.

“I think we can all agree that there are not enough dollars for conservation,” he said. Wealthy, conservation-interested buyers often invest more in restoring the land after they own the property. He says Beartooth’s offering is unique: “By doing something good for the world, we are making it more valuable financially and environmentally.”

The state also hopes to attract former residents back to the Big Sky state with a marketing campaign, “Come Home Montana.”

“No matter how long you’ve been away, it’s time to return home to rural Montana,” the campaign said. “Embrace the life you really want to live.”

But if you want to live there, bring your checkbook. Former residents will find their home in a much more expensive condition than it was when they left.