“We’ve had an influx of all sorts of wealthy individuals looking for ranches,” Robert Keith, founder of investment group Beartooth Group, told CNBC
Yellowstone is bringing big change to it’s real-life setting.
The hit Peacock drama series — which features Kevin Costner as a Montana ranch owner John Dutton — has caused an a surge in attention (and potential homebuyers) in Big Sky Country, to the dismay of some longtime residents, CNBC reports.
“We’ve had an influx of all sorts of wealthy individuals looking for ranches,” Robert Keith, founder of investment firm Beartooth Group, told CNBC. “They’re looking to own really amazing large properties.”
Yellowstone’s season four production has had an economic impact in the state, according to a study from the University of Montana and funded in part by Paramount, which airs the show. Researchers found that that production spent $72 million dollars with businesses in the state receiving an additional $85 million.
The show has no doubt raised the state’s profile to many, but celebrities including Justin Timberlake and Jessica Biel, Tom Brady and Giselle Bündchen, Kelly Clarkson and Bill Gates reportedly already owned properties there.
Other Mountain States have also drawn big names and price tags to match. Kanye West, for example, put one of two ranches he purchased in neighboring Wyoming on the market for $11 million in 2021.
Many of these destinations offer significantly lower taxes than California or other more densely populated states, another draw for wealthy would-be home buyers.
One Montana resident who spoke to CNBC believes Yellowstone is not accurate representation of life there.
“It’s unreal,” lifelong Montanan Ginger Rice told the outlet. “It doesn’t portray Bozeman or Montana life as far as I’m concerned.”
However, Rice understands why newcomers might be drawn to the state because of the show — which features a picturesque backdrop of stunning mountains and quaint towns — adding, “Do you see what our state looks like? The mountains and prairies, and who can’t love this?”
The outlet also points out that the median cost of a single-family home in Bozeman increased from $500,000 to nearly $750,000, according to data released by the Gallatin Association of Realtors.
The population of Montana also increased to more than 1.1 million, according to the U.S. Census Bureau. In the last decade, the state grew 9.6%, the bureau reported.
Rice said her hometown is now filled with “highfalutin people” and the changes can be felt downtown.
“I don’t like how busy it is. I don’t like the traffic,” she admitted. “And it’s too expensive.”
Season 5 of Yellowstone will premiere November 13.
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