Bozeman is not a cheap place to live. When there are vacant lots selling in the mid $300,000 range, that should give you some clue about our economy.

However that doesn’t mean that Bozeman is unaffordable to the average worker.

One should also consider that there are parts of Gallatin Country that will be cheaper than Bozeman proper. You can find the Living Wage For Gallatin County by Clicking Here.

Here are some rules of thumb to use to keep finances and your lifestyle under control.

Housing Costs In Bozeman

Housing is not cheap in Bozeman so many people rent. However, as the price of housing increases so do rental prices.

With low interest rates, many homebuyers are able to afford more home than they were able to just a few years ago.

As a rule of thumb, 30 percent or less of your take-home income should be spent on housing - mortgage or rent and all that go with it.

If you have to spend more than that then you’re going to have to be more frugal in other areas of disposable income. Or consider roommates or a second job.

Food Costs in Bozeman

Believe it or not, Americans spend less on food than any other country as a percentage of income, probably because we make more income per capita than most other countries.

How much to spend on food is certainly debatable, but overall Americans spend 9-12 percent of their income on food.

Some sources recommend a food budget of around 14 percent.

There are ways to save on your food expenditures. Take advantage of online coupons, sales, bulk purchases, etc.

Utility Costs In Bozeman

Bozeman residents pay about 8.6 percent less for gas and electricity than the national average. But you can still save money with things like ceiling fans that distribute heat and cool are more efficiently reducing your bill.

Healthcare expenses are about 4.3 percent more than the national average in Bozeman and groceries are just 0.3 percent above the norm. (Source: Prospera Press Release)

Some Final Thoughts

Living in Bozeman is not easy. It’s very easy to overextend your finances with credit cards and even harder to reverse that process.

Living within your means is the main rule of thumb. You might need roommates or more than one job to do it in the beginning.

You can improve your standard of living in Bozeman by making yourself more valuable to your employer. Or, if you own your own business, by making yourself more valuable to your customers.

Regardless of the cost of living just remember that you’re living in The Last Best Place on earth. That’s worth something.

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