‘Yellowstone’ boom pits lifetime Montana residents against wealthy newcomers

One of the most popular shows is "Yellowstone". The story of a modern day ranch owner, played by Kevin Costner, is told in a drama that was filmed in the West.

The storyline is captivating, with back-stabbing and family intrigue, high stakes power plays and dramatic plot, but the cinematography is a big part of the appeal. Scenes of snowcapped mountains and small towns are captured in the episodes.

Ask native Montanans what they think of the show and you will likely get a mixed reaction.

After seeing just one episode, Ginger Rice initially vowed not to watch the rest of the show.

She said it was "unreal" It doesn't portray Montana life in a good way.

Rice is aware that the show makes her home state attractive to viewers. Who can't love the mountains and prairies.

According to a study by the University of Montana, the production has a big impact on the state. Businesses in the state got an $85 million economic boost when the fourth season of the show was filmed in the state. The study was funded by the show's owner.

The impact of free advertising in Montana was not quantified. Rich city slickers have an idea of what it would be like to be a baron in the Wild West, thanks to the fictional John Dutton and his ranch.

A still from the TV series Yellowstone on Paramount Networks that is set in Montana.

The founder of a boutique investment firm said that wealthy people have been looking for ranches. They want to own large properties.

Demand for land and homes has gone up.

The median cost of a single- family home in the area increased from less than $500,000 before the Pandemic to more than $750,000 today. There were more dramatic price increases in the areas around Kalispell. Professionals are having a hard time finding housing because of high rents. Some landlords are trying to get higher rents.

The population boom in Big Sky Country had been going on for a long time. The state of Montana has a population of more than one million. The state grew from 2010 to 2020.

Covid and remote work followed. According to the U.S. Census Bureau, Montana became one of the fastest growing places in the country in 2011.

Tim Murphy is a partner at Hall & Hall and he says that a lot of their clients came out and found shelter at the ranches during the Pandemic.

Chris Kimbrell, who had been living in Georgia, joined the mass migration to Montana for a job as a veterinary doctor. He was hooked on the state from the very first time he visited as a nine-year-old.

He took into account the cost of living.

Montana Housing Prices Soar: Robert Keith, Founder of the Beartooth Group, rehabilitates damaged land and sells the restored ranches to conservation-minded buyers

Kimbrell would have to think hard about moving out here if it weren't for a family member who allowed him to live on his property. The cost of rent and housing is increasing. He said that the support staff at his practice are priced out of housing.

Rice said her daughter and son-in-law received a notice from their landlord that they would not be renewing their lease in a three-bedroom home. She said it was difficult to find a two bedroom apartment at three times the rent.

She said that her daughter said they wouldn't be able to afford a house. Everything is going up and up.

Families with full-time jobs are moving into recreational vehicles. People who can't afford to pay rent or own a house are camping on the local roads. There is a housing crisis. The nonprofit said that Montana has become difficult to live in for those who live and work in the state.

The cultural divide between newcomers and long time Montanans is criticized by long time residents. They don't like newcomers buying property but aren't willing to commit to their community.

I used to like the fact that you were familiar with your neighbors. Rice said that they are not friends with their neighbors.

She quietly complains that there are so many people in Bozeman that she feels uneasy around them. She says that downtown has changed a great deal.

I don't like the amount of time it's taking. I don't enjoy traffic. She said that it was too costly.

CNBC spoke to long time residents who said that the changes are obvious in Missoula and Kalispell. They say that outsiders are always in a rush and loud. Rice used to work at a dry cleaner where a customer demanded that paint be removed from jeans. She wondered what they were doing with those pants.

The "Yellowstone" effect reminds people of a culture clash when Hollywood depicted Montana in a movie. The film, directed by Robert Redford and starring Brad Pitt, was released in 1992. It won the award for best cinematography.

Huge amounts of people wanted to buy fly fishing properties in the area at that time.

In 1991 and 1992, the fly fishing industry grew by 60 percent.

Even as uncertainty clouds the economy, he is still seeing the surge. The land market is stable when the stock market is shaky.

Montana's growing economy is fueled by the deep pockets and entrepreneurial ambitions of many newcomers. The governor's office said in May that the state economy grew by 6.7% in 2021, making it the seventh-fastest growing state economy in the country.

Montana Housing Prices Soar: Robert Keith, Founder of the Beartooth Group, rehabilitates damaged land and sells the restored ranches to conservation-minded buyers

The Beartooth Group wants investors to want a legacy too. The firm rehabilitates degraded land and then sells it.

A creek that had been restored into a waterway was shown to CNBC by the founder of Beartooth. It used to be forced into a ditch to be used for farming. Birds are drawn by the fish. The parents were feeding their children.

The kind of property that appeals to would-be buyers is located in Montana. They would like to see deer and bears.

He said that there aren't enough dollars going intoConservation. Wealthy buyers tend to invest more in restoring the land after they own a property. By doing something good for the world, Beartooth is making it more valuable financially and eco-friendly.

The state is trying to get former residents to come back to Montana.

The campaign says that now is the time to return to rural Montana. It's time to embrace the life you really want to live.

Bring your money if you want to live there. The cost of living in a former resident's home state is much more expensive than it was when they were there.