Madison County, Montana: commercial real estate data.
Madison County, Montana had an estimated 9,753 residents on July 1, 2024, up 13.1 percent since the 2020 census base of 8,625, across 3,587 square miles. County output reached $651.0 m in 2024, 427 establishments operate here, and the SBA record carries 3 7(a) approvals worth $1.5 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Madison County
How many people live in Madison County
- Population, American Community Survey 2020-20249,223
- Households3,740
- Average household size2.47
- Median household income$75,250
- Median age52.2
- Median gross rent$1,000 per month
- Median owner-occupied home value$470,100
- Home value to household income6.2 times
- Annual rent as a share of median income15.9 percent
- Adults 25 and over with a bachelor degree or higher32.6 percent
- Adults 25 and over with a graduate degree8.3 percent
- Adults 25 and over7,194
- Population under 181,504
- Share under 1816.3 percent
- Population 65 and over2,839
- Share 65 and over30.8 percent
- Working age population, 18 to 644,880
- Civilian labor force4,342
- Unemployment rate3.1 percent
- Labor force participation, adults 18 and over56.3 percent
- Rank by population among Montana counties24th of 56
- Rank by population among US county-equivalents, Puerto Rico included2548th of 3,222
Madison County is the 24th largest of 56 Montana counties by population. A median home costs 6.2 times median household income, which is severely unaffordable by national standards. Residents 65 and over outnumber those under 18, at 30.8 percent against 16.3 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Madison County
Is Madison County's population growing?
- Population, July 1, 20249,753
- Census 2020 base population8,625
- Population change since the 2020 census base13.08 percent
- Population change, 2023 to 2024244
- Births, 202487
- Deaths, 2024108
- Natural change, 2024-21
- Net domestic migration, 2024258
- Net international migration, 20247
- Total net migration, 2024265
- Cumulative net domestic migration, 2021 to 20241,152
- Rank by growth among US county-equivalents87th of 3,144
The county has grown 13.08 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Madison County
Where are people moving to Madison County from?
- Tax returns filed by households arriving482
- People arriving, from those returns840
- Tax returns filed by households leaving291
- Net household movement191
- Adjusted gross income arriving$83.5 m
- Net adjusted gross income movement$62.5 m
- Average income of an arriving household$173,230
- Average income of a leaving household$72,196
- Largest single originGallatin County (96 households)
- Largest single destinationGallatin County (62 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Gallatin County | 96 | 164 | $-36.4 m |
| Beaverhead County | 22 | 39 | $820,000 |
Households arriving report $101,034 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Gallatin County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Madison County
What is the Madison County economy?
- County GDP, 2024$651.0 m
- County GDP, 2023$738.5 m
- GDP change, 2023 to 2024-11.8 percent
- GDP change over five years20.4 percent
- Rank by GDP among the Montana areas BEA publishes20th of 56
- Rank by GDP among the US county areas BEA publishes2213th of 3,127
- GDP per resident$70,589
Output grew -11.8 percent in the latest year and 20.4 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Madison County
Employment by industry in Madison County
- Covered employment, annual average2,993
- Establishments reporting619
- Average annual pay$57,421
- Average weekly wage$1,104
- Accommodation and food services, employment511
- Accommodation and food services, average annual pay$40,308
- Construction, employment327
- Construction, average annual pay$72,685
- Retail trade, employment261
- Retail trade, average annual pay$29,146
- Agriculture, forestry, fishing and hunting, employment185
- Agriculture, forestry, fishing and hunting, average annual pay$41,302
- Mining, quarrying, and oil and gas extraction, employment157
- Manufacturing, employment155
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Accommodation and food services | 511 | 76 | $40,308 |
| Construction | 327 | 99 | $72,685 |
| Retail trade | 261 | 37 | $29,146 |
| Agriculture, forestry, fishing and hunting | 185 | 46 | $41,302 |
| Mining, quarrying, and oil and gas extraction | 157 | 7 | $91,960 |
| Manufacturing | 155 | 15 | $37,057 |
| Professional, scientific and technical services | 142 | 86 | $99,462 |
| Finance and insurance | 90 | 25 | $112,114 |
Accommodation and food services is the largest private sector at 511 jobs, 17.1 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Madison County
How many businesses are in Madison County?
- Establishments, all industries427
- Employment at those establishments5,218
- Annual payroll$232.1 m
- Establishments per 1,000 residents46.3
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Madison County
Building permits in Madison County
- Housing units authorized by permit, 202415
- Declared construction value permitted$5.4 m
- Single family units authorized11
- Multifamily units authorized4
- Multifamily share of units26.7 percent
- Average declared value per unit$361,107
- Units authorized per 1,000 households4.0
Single-family homes are 73.3 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Madison County
SBA loans in Madison County (7(a) and 504)
- 7(a) approvals recorded3
- 7(a) gross approval dollars$1.5 m
- Average 7(a) approval$502,667
- Median 7(a) approval$150,000
- Largest single approval$1,335,000
- Jobs reported supported, 7(a)12
- Jobs per approval4.0
- Distinct 7(a) lenders active3
- Distinct industries receiving approvals3
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer0.0 percent
- Loans on real estate terms0
- Loans on working capital terms, 120 months or shorter2
- Franchise loans0
- Franchise share of approvals0.0 percent
- 504 approvals recorded3
- 504 gross approval dollars$6.8 m
- Average 504 approval$2,272,667
- Median 504 approval$1,709,000
- Distinct CDCs active2
- 504 jobs per approval16.0
- 504 jobs per million dollars approved7.0
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$8.3 m
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Madison County
SBA loan default and charge-off rates in Madison County
Do SBA loans in Madison County get paid back?
- Loans with a final outcome recorded1
- Paid in full1
- Charged off0
- Status: Paid in full1
- Status: Exempt from disclosure2
Only 1 loan has reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
SBA lending by place in Madison County
- Borrower cities with recorded lending3
- Ennis, approvals1
- Cardwell, approvals1
- Silver Star, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Ennis | 1 | $1,335,000 |
| Cardwell | 1 | $150,000 |
| Silver Star | 1 | $23,000 |
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Madison County
How large is Madison County?
- Land area3,587 sq mi
- Rank by land area among Montana counties13th of 56
- Width, east to west65.2 mi
- Height, north to south79.3 mi
- Geographies sharing a boundary5
- Residents per square mile of land3
- Establishments per square mile0.12
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Madison County
Flood risk in Madison County
- Participation of the county's own NFIP community Madison County, unincorporated areasParticipating, community 300043
- Communities in the county in the NFIP Community Status Book4
- Of those, participating in the NFIP4
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Madison County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, unincorporated Madison County (community 300043), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Madison County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Madison County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Madison County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-20249,223
- Households3,740
- Average household size2.47
- Median household income$75,250
- Median age52.2
Common questions
Madison County questions, answered from the record.
How many people live in Madison County, Montana?
The Census Bureau estimates 9,753 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 9,223, in 3,740 households, ranking 24th of 56 Montana counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Madison County's population growing?
The population has grown 13.08 percent since the 2020 census base of 8,625, to 9,753 on July 1, 2024. In 2024 there were 87 births against 108 deaths, with net migration of 265. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Madison County?
$75,250. The median owner-occupied home is valued at $470,100, which is 6.2 times income, and median gross rent is $1,000 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Madison County?
427 establishments, employing 5,218 people with an annual payroll of $232.1 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Madison County?
Accommodation and food services is the largest private sector at 511 jobs, 17.1 percent of covered employment. Covered employment averages 2,993 jobs at an average annual pay of $57,421, or $1,104 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Madison County?
3 7(a) approvals totaling $1.5 m since FY2020, across 3 lenders, with a median approval of $150,000, plus 3 504 approvals worth $6.8 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Madison County?
15 housing units were authorized by permit in 2024, with a declared construction value of $5.4 m. Multifamily was 26.7 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Madison County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Madison County come from?
The largest single origin is Gallatin County, with 96 households. Arriving households report an average income of $173,230 against $72,196 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Madison County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Madison County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Madison County
Cities and places in Madison.
14 Census places lie wholly or partly in Madison County. All 14 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Big Sky | CDP | 2,445 | None recorded | 28.0 percent here, 72.0 percent Gallatin County |
| Sheridan | town | 869 | None recorded | Wholly in this county |
| Ennis | town | 777 | 1 | Wholly in this county |
| McAllister | CDP | 202 | None recorded | Wholly in this county |
| Twin Bridges | town | 201 | None recorded | Wholly in this county |
| Virginia City | town | 129 | None recorded | Wholly in this county |
| Brandon | CDP | 115 | None recorded | Wholly in this county |
| Harrison | CDP | 95 | None recorded | Wholly in this county |
| Alder | CDP | 92 | None recorded | Wholly in this county |
| Silver Star | CDP | 89 | 1 | Wholly in this county |
| Pony | CDP | 78 | None recorded | Wholly in this county |
| Jeffers | CDP | 60 | None recorded | Wholly in this county |
| Norris | CDP | 17 | None recorded | Wholly in this county |
| Mammoth | CDP | 15 | None recorded | Wholly in this county |
A further 1 of the county's 3 SBA 7(a) approvals are to borrowers in cities that match no Census place in Madison County, the largest being Cardwell (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby