Will Bozeman Ever Be Affordable Again? Probably Not
Home and rent prices in Bozeman continue to rise, and unfortunately, there's no end in sight.
First, I want to clarify that I'm not an expert in real estate or housing. I'm just an average person that works in Bozeman but lives in an outlying community because I couldn't afford to buy a house within Bozeman city limits.
My morning commute to work from Manhattan is 20 minutes each way, and I make the trip five days a week. With rising gas prices, it's been getting a bit more expensive.
Okay, so back to Bozeman. In almost every area of town, there is new construction. On Mendenhall, where the radio station is located, several new multi-level hotels and apartment buildings have opened in less than five years.
Over the weekend, I was downtown and saw a flyer for a local real estate agency. Instead of a list of homes that were for sale in Bozeman, it was a list of homes that had recently sold. Most of which for over a million dollars.
Bozeman is literally exploding right now. For people that are able to purchase property here, it's a wise investment. Hyundai recently announced plans to open a new research, development and lab Center for Ultimate Mobility Vehicles in Bozeman, and more companies will most likely follow.
During the recession in 2008, Bozeman's economy proved to be stable. Home prices barely took a hit. Whether you're benefitting from the growth, or one of the many struggling to live in Bozeman, the fact is that Bozeman will continue to grow and more agricultural land will be turned into housing developments.
Bozeman has officially hit the big time, and if you're keeping your fingers crossed for the housing bubble to burst, don't be disappointed when it doesn't happen.