by Kristen Carney
Updated: June 20, 2024
The richest county in Montana is Gallatin County with an average household income of $116,338 as of 2022 and 126,409 people as of 2023 according to the most current Census data available (citation).
Rank | County | Population | Average Income | Median Income |
---|---|---|---|---|
1 | Gallatin County | 126,409 | $116,338 | $83,434 |
2 | Stillwater County | 9,173 | $103,635 | $78,380 |
3 | Sheridan County | 3,498 | $103,394 | $67,457 |
4 | Fallon County | 2,994 | $101,684 | $79,750 |
5 | Jefferson County | 13,048 | $101,042 | $73,875 |
6 | Yellowstone County | 170,843 | $98,192 | $72,300 |
7 | Lewis and Clark County | 75,011 | $95,857 | $71,967 |
8 | Park County | 17,903 | $94,904 | $67,602 |
9 | Missoula County | 121,849 | $92,834 | $66,840 |
10 | Flathead County | 113,679 | $91,345 | $68,025 |
11 | Ravalli County | 47,738 | $89,504 | $67,424 |
12 | Powder River County | 1,743 | $89,103 | $60,313 |
13 | Carbon County | 11,419 | $88,921 | $66,780 |
14 | Dawson County | 8,810 | $86,644 | $68,168 |
15 | Sweet Grass County | 3,763 | $86,457 | $64,872 |
16 | McCone County | 1,676 | $86,096 | $79,022 |
17 | Liberty County | 1,974 | $85,599 | $48,047 |
18 | Richland County | 11,173 | $85,016 | $67,515 |
19 | Garfield County | 1,211 | $84,569 | $61,786 |
20 | Judith Basin County | 2,093 | $83,987 | $58,750 |
We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:
Now let’s say you had the following simplified set of income data.
Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000
The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.
So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.
If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.
The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.
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United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.
United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.
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