The Living Wage For Montana Will Break Your Heart
The thing is this problem is just going to keep getting worse, especially here in the Gallatin Valley.
GO Banking Rates came out with a list of the Livable Wage You Need for Each State and for Montana it's truly eye opening and heartbreaking. According to them the Annual Living Wage for Montana is over $70,000 and that is bonkers. Montana's livable wage is higher than North and South Dakota, Wyoming and even Idaho.
If you don't know a Living Wage consists of fifty percent going towards necessities, thirty percent towards discretionary expenses and twenty percent towards savings. That makes sense if you want to be set up for the future.
With Montana though, the cost of housing is what causing the annual living wage to be high. Add in that the median annual income is around $50,000 and we have problems that resonates with a lot of people.
I can't even imagine what this number would be for the Gallatin Valley or Bozeman in particular. We have seen a huge influx of people who have sky rocketed housing prices and is close to making Bozeman unable to buy a single family home.
Montana and the Gallatin Valley needs to correct this hopefully soon or they will be essentially pushing out young adults who want to live here but only can unless they have four roommates to help with the cost.
Listen, could these numbers be wrong? Of course. Do they feel like they hold some weight though? Yes. We will just have to wait and see with what happens.
For more details, check out GO Banking Rates.