Cost of Living in Bozeman, MT

With a cost of living index of 134, Bozeman, MT is a notably expensive place to live. Living here is 34% more expensive than the national average and 45% above the Montana state average of 89. With a population of 55,042, Bozeman is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Bozeman's cost of living. The median monthly rent is $1,611 (22% above the US median of $1,319), and the median home value sits at $614,900 (102% above the national median of $304,900). At current prices, the median home costs roughly 7.7x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Bozeman is $79,903, which is 6% higher than the national median of $75,149. Residents spend roughly 24% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Bozeman, MT (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.