Gallatin County, Montana: commercial real estate data.
Gallatin County, Montana has a population of 124,074 across 2,603 square miles, up 6.7 percent since the 2020 census base. County output reached $11.88 bn in 2024, 6,828 establishments operate here, and the SBA record carries 238 7(a) approvals worth $139.2 m.
123 sourced county values · tier FULL · 11 sections
Gallatin County
How many people live in Gallatin County
- Population124,074
- Households51,215
- Average household size2.42
- Median household income$93,528
- Median age34.2
- Median gross rent$1,694 per month
- Median owner-occupied home value$667,600
- Home value to household income7.1 times
- Annual rent as a share of median income21.7 percent
- Adults 25 and over with a bachelor degree or higher54.3 percent
- Adults 25 and over with a graduate degree20.3 percent
- Adults 25 and over81,048
- Population under 1823,305
- Share under 1818.8 percent
- Population 65 and over16,865
- Share 65 and over13.6 percent
- Working age population, 18 to 6483,904
- Civilian labor force73,611
- Unemployment rate2.3 percent
- Labor force participation, adults 18 and over73.0 percent
- Rank by population among Montana counties2nd of 56
- Rank by population among US county-equivalents527th
Gallatin County is the 2nd largest of 56 Montana counties by population. A median home costs 7.1 times median household income, which is a stretched ownership market and usually shows up as rental demand. Residents under 18 outnumber those 65 and over, at 18.8 percent against 13.6 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Gallatin County
Is Gallatin County growing
- Population change since the 2020 census base6.74 percent
- Census 2020 base population118,962
- Births, 20241,141
- Deaths, 2024686
- Natural change, 2024455
- Net domestic migration, 2024440
- Net international migration, 2024148
- Total net migration, 2024588
- Cumulative net domestic migration, 2021 to 20244,897
- Rank by growth among US county-equivalents324th
The county has grown 6.74 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Gallatin County
Where people moving to Gallatin County come from
- Tax returns filed by households arriving4,994
- People arriving, from those returns7,352
- Adjusted gross income arriving$639.7 m
- Net adjusted gross income movement$0
- Average income of an arriving household$128,102
- Largest single originGallatin County Non-migrants (47,547 households)
- Largest single destination (47,547 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Gallatin County Non-migrants | 47,547 | 88,618 | $7.00 bn |
| Other flows - Different State | 2,508 | 3,738 | $326.1 m |
| Other flows - West | 888 | 1,359 | $115.5 m |
| Other flows - South | 688 | 1,088 | $105.3 m |
| Other flows - Midwest | 563 | 769 | $54.0 m |
| Other flows - Northeast | 369 | 522 | $51.3 m |
| Other flows - Same State | 225 | 322 | $15.1 m |
| Yellowstone County | 194 | 254 | $10.5 m |
The largest single source of arrivals is Gallatin County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Gallatin County
What the Gallatin County economy runs on
- County GDP, 2024$11.88 bn
- County GDP, 2023$11.01 bn
- GDP change, 2023 to 20247.9 percent
- GDP change over five years66.5 percent
- Rank by GDP among Montana counties2nd
- Rank by GDP among US county-equivalents387th
- GDP per resident$95,712
Output grew 7.9 percent in the latest year and 66.5 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Gallatin County
Who employs people in Gallatin County
- Covered employment, annual average73,217
- Establishments reporting9,787
- Average annual pay$66,213
- Average weekly wage$1,273
- Sector 72, employment11,546
- Sector 72, average annual pay$40,478
- Sector 44-45, employment9,402
- Sector 44-45, average annual pay$46,590
- Sector 23, employment7,974
- Sector 23, average annual pay$80,440
- Sector 62, employment7,571
- Sector 62, average annual pay$63,608
- Sector 54, employment5,510
- Sector 31-33, employment3,569
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 72 | 11,546 | 558 | $40,478 |
| Sector 44-45 | 9,402 | 643 | $46,590 |
| Sector 23 | 7,974 | 1,560 | $80,440 |
| Sector 62 | 7,571 | 685 | $63,608 |
| Sector 54 | 5,510 | 2,006 | $131,900 |
| Sector 31-33 | 3,569 | 324 | $68,138 |
| Sector 56 | 2,945 | 656 | $59,961 |
| Sector 81 | 2,807 | 658 | $52,659 |
The largest sector is the biggest private employer group at 11,546 jobs, 15.8 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Gallatin County
What businesses operate in Gallatin County
- Establishments, all industries6,828
- Employment at those establishments59,252
- Annual payroll$3.52 bn
- Establishments per 1,000 residents55.0
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Gallatin County
What is being built in Gallatin County
- Housing units authorised by permit, 20241,706
- Declared construction value permitted$430.6 m
- Single family units authorised1,006
- Multifamily units authorised700
- Multifamily share of units41.0 percent
- Average declared value per unit$252,395
- Units authorised per 1,000 households33.3
Multifamily is 41.0 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Gallatin County
How much SBA lending happens in Gallatin County
- 7(a) approvals recorded238
- 7(a) gross approval dollars$139.2 m
- Average 7(a) approval$585,072
- Median 7(a) approval$225,000
- 10th percentile approval$25,000
- 90th percentile approval$1,530,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)2,467
- Jobs per approval10.4
- Distinct 7(a) lenders active53
- Distinct industries receiving approvals119
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer7.1 percent
- Loans on real estate terms17
- Loans on working capital terms, 120 months or shorter208
- Franchise loans21
- Franchise share of approvals8.8 percent
- Leading industry by approval countFull-Service Restaurants (12)
- Most active lenderThe Yellowstone Bank (23)
- 504 approvals recorded127
- 504 gross approval dollars$97.1 m
- Average 504 approval$764,291
- Median 504 approval$503,000
- Distinct CDCs active5
- 504 jobs per approval11.6
- 504 jobs per million dollars approved15.2
- Most active CDCBig Sky Economic Development Corporation (55)
- 7(a) share of SBA approvals65.2 percent
- Combined SBA approval dollars$236.3 m
The average approval of $585,072 sits well above the median of $225,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 7.1 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Gallatin County
Do SBA loans in Gallatin County get paid back
- Loans with a final outcome recorded62
- Paid in full61
- Charged off1
- Charge off rate on resolved loans1.6 percent
- Status: Exempt from disclosure137
- Status: Paid in full61
- Status: Cancelled28
- Status: Charged off1
- Status: Committed, not yet disbursed11
Of the 62 loans that have reached a final outcome, 1.6 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Gallatin County
Which parts of Gallatin County get the lending
- Places in the county with recorded lending9
- Bozeman, approvals158
- BELGRADE, approvals52
- BIG SKY, approvals9
- Manhattan, approvals8
- Gallatin Gateway, approvals4
- Three Forks, approvals3
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Bozeman | 158 | $88,333,000 |
| BELGRADE | 52 | $27,879,500 |
| BIG SKY | 9 | $9,964,000 |
| Manhattan | 8 | $3,514,000 |
| Gallatin Gateway | 4 | $8,338,600 |
| Three Forks | 3 | $104,500 |
| WEST YELLOWSTONE | 2 | $976,500 |
| BozemanBozeman | 1 | $42,000 |
Bozeman accounts for 158 approvals against 52 in BELGRADE. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Gallatin County
How big is Gallatin County
- Land area2,603 sq mi
- Rank by land area among Montana counties24th of 56
- Width, east to west49.7 mi
- Height, north to south118.7 mi
- Geographies sharing a boundary5
- Residents per square mile of land48
- Establishments per square mile2.62
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Gallatin County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Gallatin County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population124,074
- Households51,215
- Average household size2.42
- Median household income$93,528
- Median age34.2
Common questions
Gallatin County questions, answered from the record.
How many people live in Gallatin County, Montana?
124,074, in 51,215 households, ranking 2nd of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Gallatin County growing?
The population has grown 6.74 percent since the 2020 census base. In 2024 there were 1,141 births against 686 deaths, with net migration of 588. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Gallatin County?
$93,528. The median owner-occupied home is valued at $667,600, which is 7.1 times income, and median gross rent is $1,694 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Gallatin County?
6,828 establishments, employing 59,252 people with an annual payroll of $3.52 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Gallatin County?
Average annual pay is $66,213, or $1,273 a week, across 73,217 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Gallatin County?
238 7(a) approvals totalling $139.2 m since FY2020, across 53 lenders, with a median approval of $225,000, plus 127 504 approvals worth $97.1 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Gallatin County get paid back?
Of the 62 loans that have reached a final outcome, 61 were paid in full and 1 charged off, a charge off rate of 1.6 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Gallatin County?
1,706 housing units were authorised by permit in 2024, with a declared construction value of $430.6 m. Multifamily was 41.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Gallatin County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Gallatin County come from?
The largest single origin is Gallatin County Non-migrants, with 47,547 households. Arriving households report an average income of $128,102 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Gallatin County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Gallatin County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.