Top 10 Richest Cities In Montana

When talking about Montana, people often think of its majestic mountains, pristine lakes, and picturesque rivers. However, beyond the breathtaking landscapes, there exists another kind of wealth in this rugged state—the economic prosperity that has transformed certain cities into veritable hubs of affluence. 

In this exploration of this state located in the northwestern United States, we will delve into the top 10 richest cities in Montana to discover the prerequisites that lead to the prosperity of a land.

1. Colstrip | $81,424

• Population: 2,094

• Median Income: $81,424

• Unemployment Rate: 5.2%

• Poverty Rate: 7.4%

Do you know where the largest coal-fired power plant in the Western United States is located? Well, the answer is Colstrip, one of the top 10 richest cities in Montana with a median income is $81,424. This is a city located in southeastern Montana, that has indeed been historically known for its robust coal industry and the presence of Colstrip power plants, a significant source of energy for several states in the region. 

In Colstrip, the coal industry has played a vital role in the economy, contributing to its prosperity and making it one of the wealthiest cities in Montana. The industry has provided numerous job opportunities and has been a significant source of revenue for the local government. The city has a relatively small population (more than 2,000 people), which has fostered a strong sense of community among its residents. This close-knit community often comes together to support local initiatives and events, creating a sense of camaraderie among the residents.

However, besides the continuous developments, the coal industry in recent years has faced significant challenges and has been declining due to various factors. The global trend of cleaner and more sustainable energy sources, along with increased environmental concerns, has led to a decrease in the demand for coal. As a result, the future of the coal industry in Colstrip and other similar regions has become uncertain.

2. Belgrade | $72,921

• Population: 10,555

• Median Income: $72,921

• Unemployment Rate: 1.1%

• Poverty Rate: 12.0%

If you are looking for proof that geographical location is the decisive factor determining the wealth of a city, let’s choose Belgrade. Located near the bustling city of Bozeman, Montana, Belgrade has indeed experienced significant growth and has established itself as an attractive place to live.

Indeed, Belgrade's proximity to the vibrant city of Bozeman allows residents to enjoy the amenities and cultural offerings of a larger urban center while living in a smaller community. The area is known for its stunning natural beauty, with easy access to outdoor activities such as hiking, fishing, skiing, and more. This appeals to individuals who appreciate an active lifestyle and enjoy being close to nature. As the region continues to expand, Belgrade has been at the forefront of Montana's economic development. The city's strategic location, coupled with its attractive amenities and opportunities, has made it an appealing destination for both businesses and residents. This growth has led to an increase in job opportunities, infrastructure development, and overall prosperity for the community.

Moreover, Belgrade has become a hub for technology companies and startups, attracting professionals in the field and contributing to the local economy. This diversification has played a significant role in the city's economic development and has contributed to its reputation as one of the top 10 richest cities in Montana.

3. Three Forks | $70,405

• Population: 2,084

• Median Income: $70,405

• Unemployment Rate: 2.7%

• Poverty Rate: 7.6%
   

Three Forks, similar to its name, is located at the confluence of three rivers. Its strategic location as a transportation hub has played a significant role in its economic growth.

The city is a transportation hub where the Jefferson, Madison, and Gallatin rivers meet to form the Missouri River. This strategic location has facilitated transportation and logistics, attracting businesses and contributing to the local economy. Three Forks' economic success is also a result of agricultural development. The fertile lands surrounding the city are ideal for farming and ranching, allowing the agricultural industry to thrive. The production of crops, livestock, and other agricultural products has been a significant source of income and employment for the local community.

In addition to its economic strengths, Three Forks is known for its welcoming community. The city's residents often take pride in their community and work together to support local initiatives and events. This sense of community and cooperation contributes to the overall well-being and quality of life in Three Forks.

4. Bozeman | $67,354

• Population: 51,574

• Median Income: $67,354

• Unemployment Rate: 2.9%

• Poverty Rate: 14.9%

Each city has its own economic strengths, and so does Bozeman. In this city in the top 10 richest cities in Montana, the combination of technology and education is the key factor. 

The presence of Montana State University in Bozeman has played a significant role in fostering a vibrant academic scene and contributing to the city's tech boom. The university serves as a catalyst for research, innovation, and talent development, attracting students and academics in various fields, including technology. This influx of intellectual capital has fueled the growth of a burgeoning tech industry in Bozeman. Beyond the tech sector, the city offers opportunities in various industries, including healthcare, finance, manufacturing, and more. This diversity creates a dynamic and resilient economy that has contributed to Bozeman's economic expansion.

Bozeman's quality of life and outdoor recreational opportunities are also major draws for individuals seeking a balanced and fulfilling lifestyle. The city is surrounded by stunning natural landscapes, including mountains, rivers, and national parks, offering ample opportunities for outdoor activities such as hiking, skiing, fishing, and more. This natural beauty, combined with a vibrant downtown area and a strong sense of community, contributes to the city's appeal.

5. Whitefish | $64,595

• Population: 7,783

• Median Income: $64,595

• Unemployment Rate: 3.4%

• Poverty Rate: 4.9%

Unlike the cities mentioned above, Whitefish's wealth is mainly derived from the city's tourism industry and real estate.  Being situated in the picturesque Flathead Valley, Whitefish is indeed renowned for its natural beauty and attracts outdoor enthusiasts from far and wide. Its proximity to Glacier National Park and the Whitefish Mountain Resort makes it an ideal destination for those seeking outdoor recreational activities.

Come to Whitefish, visitors will be easily attracted by its stunning landscapes, and opportunities for hiking, skiing, fishing, and other outdoor activities. Besides, the tourism sector also supports various businesses, including hotels, restaurants, outdoor gear shops, and adventure tourism companies.

Additionally, in recent years, the real estate market in this one of the top 10 richest cities in Montana has seen growth, and the city offers upscale amenities that cater to the needs and preferences of wealthy individuals. This influx of affluent residents has contributed to the city's reputation as one of Montana's wealthiest cities.

6. Billings | $63,608

• Population: 115,689

• Median Income: $63,608

• Unemployment Rate: 4.1%

• Poverty Rate: 11.1%
   

While other cities have their own strengths, Billings has succeeded in diversifying the fields of its area, indeed serving as a bustling economic center for the state. The city's diverse economy has been a key driver of its wealth and prosperity.

As mentioned, Billings is the to various industries, including healthcare, finance, energy, agriculture, and more. The healthcare sector, in particular, plays a significant role in the city's economy, with several hospitals, medical centers, and healthcare service providers. The finance sector is also well-established, with numerous banks, financial institutions, and investment firms operating in the city.

Not only healthcare, finance, or agriculture, the energy industry, including oil, gas, and coal, has also historically been a prominent contributor to Billings' economy. The region's rich natural resources have attracted energy companies, and the city acts as a hub for related services and businesses.

How about tourism? Well, the city is surrounded by stunning landscapes, including the nearby Yellowstone River, which offers opportunities for outdoor activities such as fishing, boating, and hiking. This blend of urban amenities and proximity to nature is an attractive aspect of Billings, drawing both businesses and residents. All of these factors have formed one of the top 10 richest cities in Montana.

7. Helena | $59,712

• Population: 32,060

• Median Income: $59,712

• Unemployment Rate: 3.5%

• Poverty Rate: 9.4%

Ranked right behind Billings is Helena City with an average income of about $4,000 lower than the previous one. Specially, Helena is the capital of Montana. As a result, this city has a diverse economy driven by several sectors, including government, rich traditions, and appealing natural beauty. 

As the seat of the state government, Helena is home to various government agencies, including administrative offices, legislative bodies, and regulatory bodies. These government institutions contribute to the local economy by providing employment opportunities and attracting related industries and services.

Besides, the city is surrounded by natural beauty (Rocky Mountains), with opportunities for outdoor activities such as hiking, fishing, and skiing. This natural setting contributes to the quality of life in Helena and attracts residents who value a connection to nature. Helena's rich cultural heritage is another notable aspect of the city. It has a well-preserved historic district, with Victorian-era buildings and landmarks that reflect its past as a gold rush town. The city embraces its history and has a diverse arts and cultural scene, including museums, theaters, and art galleries.

8. Laurel | $59,444

• Population: 7,164

• Median Income: $59,444

• Unemployment Rate: 2.3%

• Poverty Rate: 9.6%

Located right near Billings, one of the top 10 richest cities in Montana, Laurel has indeed benefited from Montana's thriving energy sector and its proximity to Billings. Especially, the city’s location near Billings Logan International Airport has contributed to its economic growth and development.

Traditionally, the energy sector, including oil, gas, and coal, has historically played a significant role in the economic prosperity of Laurel. The region's natural resources have attracted energy-related businesses and contributed to job opportunities and economic growth in the area.

As mentioned, Laurel's close proximity to Billings, Montana's largest city, has also been advantageous for its economic development. The easy access to Billings and its amenities, including the airport, has facilitated transportation, trade, and commerce, further boosting Laurel's economy.

9. Glasgow | $55,943

• Population: 3,192

• Median Income: $55,943

• Unemployment Rate: 1.8%

• Poverty Rate: 8.1%

Similar to Three Pork, Glasgow’s economy also takes advantage of farming and related industries, which contribute to its economic stability.

In Glasgow, the surrounding area is very rich in fertile lands suitable for farming and ranching. The cultivation of crops, livestock production, and other agricultural activities support the local economy and provide employment opportunities for residents. As a regional trade center, Glasgow serves as a hub for commerce and trade in the surrounding rural areas. The city provides essential services and amenities to the local community and acts as a gathering place for agricultural producers and businesses.

10. Shelby | $47,389

• Population: 3,139

• Median Income: $47,389

• Unemployment Rate: 1.5%

• Poverty Rate: 8.3%

Shelby is the final one lying in the top 10 richest cities in Montana. It is interesting to notice that this city is located near the Canadian borders with a rich history tied to agriculture and railroads. Obviously, the city's economic prosperity has been influenced by its strategic location for trade and transportation

Nowadays,  Shelby serves as a key transportation hub, with major highways and rail lines passing through the area. This strategic position facilitates trade and transportation, benefiting both the local economy and the state's economy as a whole. The railroad industry has been historically important to Shelby, and the city maintains its ties to this legacy. The presence of rail lines and related infrastructure supports industries such as logistics, warehousing, and distribution. Moreover, agriculture has also played a significant role in Shelby's history and continues to be a vital part of its economy. Crops such as wheat, barley, and pulse crops are commonly grown in the region.