---
title: The ‘Yellowstone’ housing crisis, explained
description: As Paramount’s hit show has soared, so have Montana’s housing prices.
---

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# [The ‘Yellowstone’ housing crisis, explained](https://hs-sbup.thehustle.co/news/06082022-yellowstone)

 Written by [Jacob Cohen](https://hs-sbup.thehustle.co/news/author/jacob-cohen) | Jun 8, 2022 10:16:17 AM

“Leverage is knowing that if someone had all the money in the world, this is what they’d buy,” professes John Dutton, the Montana mega-rancher played by Kevin Costner in “Yellowstone.”

Ain’t that the truth. As Paramount’s hit show has soared, so have Montana’s housing prices.

And while not a direct cause and effect, Montana’s TV allure may well have heightened a dire crisis in America’s third [fastest-growing](https://www.census.gov/newsroom/press-releases/2021/2021-population-estimates.html) state.

#### **First, some context**

The season four finale of “Yellowstone” in January was the most-watched show on cable since “The Walking Dead” season three premiere in October 2017. It grabbed [**~9.3m viewers**](https://variety.com/2022/tv/news/yellowstone-season-4-finale-ratings-1235147032/), an 81% jump over season three.

- The success is reflected in Costner’s [payout](https://screenrant.com/yellowstone-show-kevin-costner-salary-episode-millions-details/): **$500k** per episode in season one, **$1.2m** by season four.

The show’s been such a draw to Peacock, which owns the streaming rights, that “Yellowstone churn” now [describes](https://puck.news/the-triumph-and-tragedy-of-yellowstone/) people who signed up for Peacock, watched it, then left.

#### **It’s kinda good for Montana**

One [study](http://www.bber.umt.edu/pubs/econ/FilmIndustryImpact2022.pdf) found season four’s production created **527** permanent local jobs and brought businesses **$85.8m** in new spending, excluding the Montana ad that is “Yellowstone” itself.

- Likely boosted by pandemic trends, Montana’s economy [grew](https://news.mt.gov/Governors-Office/Montanas_Economy_7th_Strongest_in_Nation_With_Robust_Growth_in_2021#:~:text=%E2%80%93%20Governor%20Greg%20Gianforte%20today%20announced,fastest%20increase%20in%2015%20years.) **6.7%** in 2021, ranking seventh for largest growth rate in the US.

#### **But it’s also bad for Montana**

Locals are getting priced out as wealthy city folk move in:

- The median price for a condo in Bozeman [was up](https://gallatin-public.stats.showingtime.com/docs/lmu/x/BozemanCityLimits?src=map)** 61%** YoY in April.
- Habitat for Humanity [called](https://helenahabitat.org/wp-content/uploads/2022/05/They-Cant-Come-Home_IR-Full-page-ad_FINAL.pdf) the situation a “housing crisis.”
- *CNBC* [reported](https://www.cnbc.com/2022/06/07/yellowstone-boom-pits-lifetime-montana-residents-against-wealthy-newcomers.html) that locals are moving into vans and tents. It also detailed a cultural divide festering between locals and wealthy newcomers.

This all reminds us of a “Yellowstone” scene where Kayce Dutton’s son asks him to explain what a “transplant” is, referring to the wealthy people moving into town.

“It’s a person who moves to a place, and then they try to make that place just like the place they left,” he says.

[View full post](https://hs-sbup.thehustle.co/news/06082022-yellowstone)

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