Yellowstone County, Montana: commercial real estate data.
Yellowstone County, Montana has a population of 168,957 across 2,633 square miles, up 4.2 percent since the 2020 census base. County output reached $14.02 bn in 2024, 6,060 establishments operate here, and the SBA record carries 295 7(a) approvals worth $156.6 m.
123 sourced county values · tier FULL · 11 sections
Yellowstone County
How many people live in Yellowstone County
- Population168,957
- Households69,897
- Average household size2.42
- Median household income$76,570
- Median age39.0
- Median gross rent$1,131 per month
- Median owner-occupied home value$349,500
- Home value to household income4.6 times
- Annual rent as a share of median income17.7 percent
- Adults 25 and over with a bachelor degree or higher34.1 percent
- Adults 25 and over with a graduate degree10.4 percent
- Adults 25 and over116,767
- Population under 1838,803
- Share under 1823.0 percent
- Population 65 and over30,892
- Share 65 and over18.3 percent
- Working age population, 18 to 6499,262
- Civilian labor force88,987
- Unemployment rate3.4 percent
- Labor force participation, adults 18 and over68.4 percent
- Rank by population among Montana counties1st of 56
- Rank by population among US county-equivalents408th
Yellowstone County is the 1st largest of 56 Montana counties by population. A median home costs 4.6 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 23.0 percent against 18.3 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Yellowstone County
Is Yellowstone County growing
- Population change since the 2020 census base4.17 percent
- Census 2020 base population164,722
- Births, 20241,844
- Deaths, 20241,669
- Natural change, 2024175
- Net domestic migration, 2024613
- Net international migration, 202461
- Total net migration, 2024674
- Cumulative net domestic migration, 2021 to 20245,830
- Rank by growth among US county-equivalents660th
The county has grown 4.17 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.
Yellowstone County
Where people moving to Yellowstone County come from
- Tax returns filed by households arriving4,370
- People arriving, from those returns7,556
- Adjusted gross income arriving$299.3 m
- Net adjusted gross income movement$0
- Average income of an arriving household$68,486
- Largest single originYellowstone County Non-migrants (66,077 households)
- Largest single destination (66,077 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Yellowstone County Non-migrants | 66,077 | 130,299 | $6.04 bn |
| Other flows - Different State | 2,063 | 3,722 | $144.7 m |
| Other flows - West | 992 | 1,883 | $68.2 m |
| Other flows - South | 485 | 873 | $35.1 m |
| Other flows - Midwest | 444 | 720 | $29.8 m |
| Gallatin County | 260 | 400 | $14.0 m |
| Other flows - Same State | 254 | 400 | $12.8 m |
| Other flows - Northeast | 142 | 246 | $11.6 m |
The largest single source of arrivals is Yellowstone 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.
Yellowstone County
What the Yellowstone County economy runs on
- County GDP, 2024$14.02 bn
- County GDP, 2023$13.45 bn
- GDP change, 2023 to 20244.2 percent
- GDP change over five years53.3 percent
- Rank by GDP among Montana counties1st
- Rank by GDP among US county-equivalents338th
- GDP per resident$82,994
Output grew 4.2 percent in the latest year and 53.3 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.
Yellowstone County
Who employs people in Yellowstone County
- Covered employment, annual average87,348
- Establishments reporting7,794
- Average annual pay$62,688
- Average weekly wage$1,206
- Sector 62, employment15,076
- Sector 62, average annual pay$74,899
- Sector 44-45, employment10,847
- Sector 44-45, average annual pay$42,689
- Sector 72, employment10,229
- Sector 72, average annual pay$26,744
- Sector 23, employment6,226
- Sector 23, average annual pay$74,299
- Sector 42, employment5,560
- Sector 54, employment4,876
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 15,076 | 752 | $74,899 |
| Sector 44-45 | 10,847 | 712 | $42,689 |
| Sector 72 | 10,229 | 486 | $26,744 |
| Sector 23 | 6,226 | 946 | $74,299 |
| Sector 42 | 5,560 | 554 | $85,630 |
| Sector 54 | 4,876 | 1,075 | $92,341 |
| Sector 56 | 3,994 | 533 | $48,546 |
| Sector 31-33 | 3,809 | 211 | $92,864 |
The largest sector is the biggest private employer group at 15,076 jobs, 17.3 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.
Yellowstone County
What businesses operate in Yellowstone County
- Establishments, all industries6,060
- Employment at those establishments75,637
- Annual payroll$4.35 bn
- Establishments per 1,000 residents35.9
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.
Yellowstone County
What is being built in Yellowstone County
- Housing units authorised by permit, 20241,473
- Declared construction value permitted$367.9 m
- Single family units authorised850
- Multifamily units authorised623
- Multifamily share of units42.3 percent
- Average declared value per unit$249,750
- Units authorised per 1,000 households21.1
Multifamily is 42.3 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Yellowstone County
How much SBA lending happens in Yellowstone County
- 7(a) approvals recorded295
- 7(a) gross approval dollars$156.6 m
- Average 7(a) approval$530,915
- Median 7(a) approval$223,000
- 10th percentile approval$25,500
- 90th percentile approval$1,560,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)3,109
- Jobs per approval10.5
- Distinct 7(a) lenders active45
- Distinct industries receiving approvals137
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer13.6 percent
- Loans on real estate terms40
- Loans on working capital terms, 120 months or shorter235
- Franchise loans34
- Franchise share of approvals11.5 percent
- Leading industry by approval countOffices of Certified Public Accountants (9)
- Most active lenderThe Yellowstone Bank (69)
- 504 approvals recorded132
- 504 gross approval dollars$118.2 m
- Average 504 approval$895,500
- Median 504 approval$690,000
- Distinct CDCs active6
- 504 jobs per approval12.9
- 504 jobs per million dollars approved14.4
- Most active CDCBig Sky Economic Development Corporation (101)
- 7(a) share of SBA approvals69.1 percent
- Combined SBA approval dollars$274.8 m
The average approval of $530,915 sits well above the median of $223,000, 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 13.6 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.
Yellowstone County
Do SBA loans in Yellowstone County get paid back
- Loans with a final outcome recorded90
- Paid in full86
- Charged off4
- Charge off rate on resolved loans4.4 percent
- Status: Paid in full86
- Status: Exempt from disclosure160
- Status: Charged off4
- Status: Cancelled40
- Status: Committed, not yet disbursed5
Of the 90 loans that have reached a final outcome, 4.4 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.
Yellowstone County
Which parts of Yellowstone County get the lending
- Places in the county with recorded lending8
- BILLINGS, approvals269
- Laurel, approvals14
- Huntley, approvals4
- WORDEN, approvals3
- WHITEFISH, approvals2
- BROADVIEW, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| BILLINGS | 269 | $145,955,000 |
| Laurel | 14 | $5,728,600 |
| Huntley | 4 | $758,800 |
| WORDEN | 3 | $427,500 |
| WHITEFISH | 2 | $2,875,000 |
| BROADVIEW | 1 | $75,000 |
| SHEPHERD | 1 | $500,000 |
| Molt | 1 | $300,000 |
BILLINGS accounts for 269 approvals against 14 in Laurel. 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.
Yellowstone County
How big is Yellowstone County
- Land area2,633 sq mi
- Rank by land area among Montana counties23rd of 56
- Width, east to west70 mi
- Height, north to south71.5 mi
- Geographies sharing a boundary7
- Residents per square mile of land64
- Establishments per square mile2.30
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 Yellowstone 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 Yellowstone County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population168,957
- Households69,897
- Average household size2.42
- Median household income$76,570
- Median age39.0
Common questions
Yellowstone County questions, answered from the record.
How many people live in Yellowstone County, Montana?
168,957, in 69,897 households, ranking 1st of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Yellowstone County growing?
The population has grown 4.17 percent since the 2020 census base. In 2024 there were 1,844 births against 1,669 deaths, with net migration of 674. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Yellowstone County?
$76,570. The median owner-occupied home is valued at $349,500, which is 4.6 times income, and median gross rent is $1,131 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Yellowstone County?
6,060 establishments, employing 75,637 people with an annual payroll of $4.35 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 Yellowstone County?
Average annual pay is $62,688, or $1,206 a week, across 87,348 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Yellowstone County?
295 7(a) approvals totalling $156.6 m since FY2020, across 45 lenders, with a median approval of $223,000, plus 132 504 approvals worth $118.2 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Yellowstone County get paid back?
Of the 90 loans that have reached a final outcome, 86 were paid in full and 4 charged off, a charge off rate of 4.4 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Yellowstone County?
1,473 housing units were authorised by permit in 2024, with a declared construction value of $367.9 m. Multifamily was 42.3 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Yellowstone County?
Zone 2, a predicted average indoor radon screening level from 2 to 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 Yellowstone County come from?
The largest single origin is Yellowstone County Non-migrants, with 66,077 households. Arriving households report an average income of $68,486 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 Yellowstone 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 Yellowstone 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.