Madison County, Montana: commercial real estate data.
Madison County, Montana has a population of 9,223 across 3,587 square miles, up 13.1 percent since the 2020 census base. County output reached $651.0 m in 2024, 427 establishments operate here, and the SBA record carries 3 7(a) approvals worth $1.5 m.
116 sourced county values · tier FULL · 11 sections
Madison County
How many people live in Madison County
- Population9,223
- Households3,740
- Average household size2.47
- Median household income$75,250
- Median age52.2
- Median gross rent$1,000 per month
- Median owner-occupied home value$470,100
- Home value to household income6.2 times
- Annual rent as a share of median income15.9 percent
- Adults 25 and over with a bachelor degree or higher32.6 percent
- Adults 25 and over with a graduate degree8.3 percent
- Adults 25 and over7,194
- Population under 181,504
- Share under 1816.3 percent
- Population 65 and over2,839
- Share 65 and over30.8 percent
- Working age population, 18 to 644,880
- Civilian labor force4,342
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over56.3 percent
- Rank by population among Montana counties24th of 56
- Rank by population among US county-equivalents2548th
Madison County is the 24th largest of 56 Montana counties by population. A median home costs 6.2 times median household income, which is a stretched ownership market and usually shows up as rental demand. Residents 65 and over outnumber those under 18, at 30.8 percent against 16.3 percent, which points demand at health care, services and single storey product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Madison County
Is Madison County growing
- Population change since the 2020 census base13.08 percent
- Census 2020 base population8,625
- Births, 202487
- Deaths, 2024108
- Natural change, 2024-21
- Net domestic migration, 2024258
- Net international migration, 20247
- Total net migration, 2024265
- Cumulative net domestic migration, 2021 to 20241,152
- Rank by growth among US county-equivalents87th
The county has grown 13.08 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Madison County
Where people moving to Madison County come from
- Tax returns filed by households arriving482
- People arriving, from those returns840
- Adjusted gross income arriving$83.5 m
- Net adjusted gross income movement$0
- Average income of an arriving household$173,230
- Largest single originMadison County Non-migrants (3,484 households)
- Largest single destination (3,484 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Madison County Non-migrants | 3,484 | 6,566 | $418.7 m |
| Other flows - Different State | 285 | 489 | $40.3 m |
| Other flows - West | 146 | 276 | $23.3 m |
| Gallatin County | 96 | 164 | $-36.4 m |
| Other flows - Same State | 79 | 152 | $7.1 m |
| Other flows - South | 67 | 111 | $5.7 m |
| Other flows - Midwest | 44 | 65 | $9.5 m |
| Other flows - Northeast | 28 | 37 | $2.0 m |
The largest single source of arrivals is Madison 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.
Madison County
What the Madison County economy runs on
- County GDP, 2024$651.0 m
- County GDP, 2023$738.5 m
- GDP change, 2023 to 2024-11.8 percent
- GDP change over five years20.4 percent
- Rank by GDP among Montana counties20th
- Rank by GDP among US county-equivalents2213th
- GDP per resident$70,589
Output grew -11.8 percent in the latest year and 20.4 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.
Madison County
Who employs people in Madison County
- Covered employment, annual average2,993
- Establishments reporting619
- Average annual pay$57,421
- Average weekly wage$1,104
- Sector 72, employment511
- Sector 72, average annual pay$40,308
- Sector 23, employment327
- Sector 23, average annual pay$72,685
- Sector 44-45, employment261
- Sector 44-45, average annual pay$29,146
- Sector 11, employment185
- Sector 11, average annual pay$41,302
- Sector 21, employment157
- Sector 31-33, employment155
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 72 | 511 | 76 | $40,308 |
| Sector 23 | 327 | 99 | $72,685 |
| Sector 44-45 | 261 | 37 | $29,146 |
| Sector 11 | 185 | 46 | $41,302 |
| Sector 21 | 157 | 7 | $91,960 |
| Sector 31-33 | 155 | 15 | $37,057 |
| Sector 54 | 142 | 86 | $99,462 |
| Sector 52 | 90 | 25 | $112,114 |
The largest sector is the biggest private employer group at 511 jobs, 17.1 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.
Madison County
What businesses operate in Madison County
- Establishments, all industries427
- Employment at those establishments5,218
- Annual payroll$232.1 m
- Establishments per 1,000 residents46.3
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.
Madison County
What is being built in Madison County
- Housing units authorised by permit, 202415
- Declared construction value permitted$5.4 m
- Single family units authorised11
- Multifamily units authorised4
- Multifamily share of units26.7 percent
- Average declared value per unit$361,107
- Units authorised per 1,000 households4.0
Multifamily is 26.7 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Madison County
How much SBA lending happens in Madison County
- 7(a) approvals recorded3
- 7(a) gross approval dollars$1.5 m
- Average 7(a) approval$502,667
- Median 7(a) approval$150,000
- 10th percentile approval$23,000
- 90th percentile approval$1,335,000
- Largest single approval$1,335,000
- Jobs reported supported, 7(a)12
- Jobs per approval4.0
- Distinct 7(a) lenders active3
- Distinct industries receiving approvals3
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer0.0 percent
- Loans on real estate terms0
- Loans on working capital terms, 120 months or shorter2
- Franchise loans0
- Franchise share of approvals0.0 percent
- Leading industry by approval countOther Heavy and Civil Engineering Construction (1)
- Most active lenderThe Yellowstone Bank (1)
- 504 approvals recorded3
- 504 gross approval dollars$6.8 m
- Average 504 approval$2,272,667
- Median 504 approval$1,709,000
- Distinct CDCs active2
- 504 jobs per approval16.0
- 504 jobs per million dollars approved7.0
- Most active CDCDakota Business Lending (2)
- 7(a) share of SBA approvals50.0 percent
- Combined SBA approval dollars$8.3 m
The average approval of $502,667 sits well above the median of $150,000, 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 0.0 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.
Madison County
Do SBA loans in Madison County get paid back
- Loans with a final outcome recorded1
- Paid in full1
- Charged off0
- Status: Paid in full1
- Status: Exempt from disclosure2
Too few loans have reached a final outcome to publish a charge off rate. only 1 resolved loans, too few to publish a rate. A rate computed on a handful of loans is noise, so none is shown.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
Which parts of Madison County get the lending
- Places in the county with recorded lending3
- SILVER STAR, approvals1
- CARDWELL, approvals1
- ENNIS, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| SILVER STAR | 1 | $23,000 |
| CARDWELL | 1 | $150,000 |
| ENNIS | 1 | $1,335,000 |
SILVER STAR accounts for 1 approvals against 1 in CARDWELL. 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.
Madison County
How big is Madison County
- Land area3,587 sq mi
- Rank by land area among Montana counties13th of 56
- Width, east to west65.2 mi
- Height, north to south79.3 mi
- Geographies sharing a boundary4
- Residents per square mile of land3
- Establishments per square mile0.12
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 Madison 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 Madison County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population9,223
- Households3,740
- Average household size2.47
- Median household income$75,250
- Median age52.2
Common questions
Madison County questions, answered from the record.
How many people live in Madison County, Montana?
9,223, in 3,740 households, ranking 24th of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Madison County growing?
The population has grown 13.08 percent since the 2020 census base. In 2024 there were 87 births against 108 deaths, with net migration of 265. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Madison County?
$75,250. The median owner-occupied home is valued at $470,100, which is 6.2 times income, and median gross rent is $1,000 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Madison County?
427 establishments, employing 5,218 people with an annual payroll of $232.1 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Madison County?
Average annual pay is $57,421, or $1,104 a week, across 2,993 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Madison County?
3 7(a) approvals totalling $1.5 m since FY2020, across 3 lenders, with a median approval of $150,000, plus 3 504 approvals worth $6.8 m. These are approvals recorded in the release, not loans disbursed.
What is being built in Madison County?
15 housing units were authorised by permit in 2024, with a declared construction value of $5.4 m. Multifamily was 26.7 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Madison 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 Madison County come from?
The largest single origin is Madison County Non-migrants, with 3,484 households. Arriving households report an average income of $173,230 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 Madison 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 Madison 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.