Living
Rich Buyers Seeking Open Spaces Fuel a Housing Boom in U.S. West
- Out-of-state buyers push western Montana home prices up 17%
- Local Montanans face New York-Style Affordability Crunch
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David Park, a Manhattan-based investor planning his escape in case the resurgence of Covid-19 forces another New York City lockdown, is looking to join a great American tradition: a trek out west.
Park and other affluent Americans preparing for their first pandemic winter are shopping for homes in mountain towns across the western U.S. where they can safely venture outside to hike, ski and snowshoe. Out-of-state bidders who can work remotely are pricing out locals, sometimes buying properties sight unseen, for cash. Western Montana prices have jumped 17% in just the past year.