Bozeman, Montana, has been transformed by a huge influx of wealthy newcomers since the Covid-19 pandemic, pushing house prices and rents sharply higher and squeezing out many long-time residents. The city's population has grown by around 20% since 2019, driven partly by remote workers relocating from the coasts and partly by what locals call the "Yellowstone effect" – interest sparked by the hit television drama of the same name, which glamorises Montana's ranching landscapes and lifestyle.

Home values have jumped roughly 40% in two years, according to local realtors, while rents have doubled or tripled for some residents. Bozeman's airport, undergoing renovation, now regularly hosts 80 to 100 private jets a day, largely ferrying wealthy visitors to the exclusive Yellowstone Club resort in nearby Big Sky, where celebrities including Justin Timberlake and Tom Brady own homes. Meanwhile, downtown businesses have given way to upmarket steakhouses and boutiques, and tensions have grown between newcomers and locals, some of whom have staged rent strikes at mobile home parks, prompting the election of a young, affordable-housing-focused mayor, Joey Morrison.