Montana leads the nation in net borrower migration: Uncover essential insights for mortgage lenders

In this exclusive report, we use Maxwell Business Intelligence data to unpack migration trends in the state of Montana. With the most growth compared to any other state, Montana provides opportunities for mortgage lenders to consider as they look to grow their mortgage footprints.

Montana: Leading the nation in inbound migration

In this report, you’ll discover how to reach borrowers migrating to Montana with our exclusive insights, including:

  • Montana’s growth compared to other states
  • The top states people are migrating from 
  • Hotspots where people in Montana are settling, including city – and county-specific data

Montana growth compared to other states

The trends presented in this report are derived from borrower migration data. The map above illustrates the net growth or decline each U.S. state has experienced due to borrower migration since 2021. The figures are calculated by subtracting the total number of outbound borrowers (those moving out of the state) from the total number of inbound borrowers (those moving into the state), then dividing by each state’s 2023 U.S. Census population. These trends indicate which states are attracting more borrowers than they’re losing, highlighting growth potential and opportunities for lenders to expand their footprints in these regions.

Within Maxwell’s dataset, Montana gained 1,866 new borrowers while only 365 moved out to another state since 2021, ranking Montana as the #1 state for migration growth per capita according to Maxwell Business Intelligence.

This ranking considers population size so large states like California, Texas and New York don’t skew the data. Montana’s positive net migration takes the #1 spot with the highest net growth of any other state. Hawaii, Arizona, Tennessee, and South Carolina are also leaders in migration nationwide.

The table below lists all 50 states in rank-order of migration data so you can see how Montana compares.

This growth suggests the state’s increasing appeal and presents an important opportunity for the region’s banks, credit unions, and mortgage banks to expand their customer base.

The table above highlights a striking trend: nearly 6,000 borrowers relocated within Montana, almost three times the number of new residents moving into the state. This dynamic underscores the need for lenders to balance their strategies between attracting new residents and retaining current ones. As mortgage lenders aim to connect with new borrowers, understanding the settlement patterns within the state is crucial. In the following section, we delve into the top states from which new residents are relocating, providing insights to refine your approach.

Migration by state:
The top 5 states residents are relocating to Montana from

Maxwell lender data presented in this report spanning from 2021 to 2024 shows California as the primary source of new residents, with 222 borrowers relocating from California to Montana, constituting 19.47% of out-of-state borrowers. Following closely behind, Washington contributes 168 borrowers, comprising 14.74% of the total. Oregon, Colorado, and Texas also play notable roles, each representing over 6% of out-of-state borrowers.

These figures underscore the diverse origins of individuals and families choosing Montana as their new home. Understanding these migration patterns can help lenders target and attract new borrowers from these key states more effectively.

Mapping Montana’s migration: Where borrowers choose to settle

Maxwell’s data reveals the most popular cities and counties where new borrowers are choosing to establish their homes in Montana.

Top cities for inbound borrowers:

  1. Billings
  2. Helena
  3. Great Falls
  4. Missoula
  5. Bozeman

Leading counties for inbound borrowers:

  1. Yellow County
  2. Lewis and Clark County
  3. Cascade County
  4. Gallatin County
  5. Missoula County

As a mortgage lender in Montana, understanding where new borrowers are settling allows you to tailor your marketing and outreach efforts more effectively. By focusing on the top cities and counties for inbound borrowers, you can develop targeted strategies to connect with potential clients seeking out these high-demand areas.

Charting the course forward

Don’t miss out on the chance to grow your mortgage business in Montana. With the right insights and strategies, you can make the most of this booming market and secure your place as a leading lender in the state.
By leveraging the comprehensive analytics in our report, plus out-of-the-box reporting within Maxwell Business Intelligence, you can connect with more borrowers and maximize your business potential.

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Harness the power of Maxwell Business Intelligence to enhance your organization’s data capabilities. Request a demo today and discover how our analytics can help you connect with the borrowers shaping Montana’s future.