Wannabe cowboys have splashed MILLIONS in Wyoming and Montana after Yellowstone. But when they arrived they got the shock of their lives
Everybody wants to be a cowboy — until they have to put in the work.
Ranches are the new status symbol for investors, tech bros, and entrepreneurs across the US — and legacy ranch owners who have held on to their land for generations are finally selling.
Increased sales of sprawling Western landscapes coincide with the series Yellowstone becoming a massive hit. Ranches are now the new obsession of the ultra-rich across the US, who are causing the so-called 'Yellowstone effect.'
In Wyoming, land values near Yellowstone and Jackson Hole are up 28 percent over the past five years, according to a report from Live Water Properties, which tracks ranch sales in the state. The increase comes following the premiere of Yellowstone on Paramount+ in 2018.
Jackson Hole–based real estate broker Latham Jenkins said the sales are directly due to the hit series.
'That show put the idea of the West in front of a huge audience,' he told the Daily Mail.
'People see the wide-open land, the family legacy, and the independence it represents.
'A lot of buyers who might never have considered it before now think, 'Why not us?' It's less about cows and more about the lifestyle and legacy.'
Ranches have become the new status symbol among America's richest, with finance professionals and entrepreneurs snapping up huge estates
The view from Pitchfork Ranch, the setting for Marlboro's iconic cowboy campaigns, which has been in the same family for 95 years and is currently listed at $52,800,000
Yellowstone follows the Dutton family, who operate the largest contiguous cattle ranch in the United States, as they defend their Montana land from encroaching land developers
Jenkins has multiple legacy ranches currently listed for sale in Wyoming, including Antlers Ranch, which is three times the size of Manhattan and is priced at $85 million. It's on the market for the first time in five generations.
Another, Red Hills Ranch, a 190-acre property listed at $65 million, is for sale for the first time since 1975.
Pitchfork Ranch, the setting for Marlboro's iconic cowboy campaigns, has been in the same family for 95 years and is currently listed at $52,800,000.
Jenkins said the ranch brokerage he works for, Live Water Properties, currently has $700 million in listing inventory, up from under $200 million in May 2024.
The Jackson Hole Report, which also tracks local sales, said the ranch market is booming.
Compared to the first half of 2024, the first half of 2025 saw sales jump 25 percent. The average sale price hit a record-breaking $4.59 million.
The town of Jackson alone saw 86 sales, making up 48 percent of all activity and a staggering $353 million in total sales. That was thanks largely to the sale of Snow King Resort, which was purchased by a group of investors at Castle Peak Holdings for $84 million.
'It's mostly wealthy families that are buying,' Jenkins told the Daily Mail.
Ranches used to be pure fantasy, where cowboys like the ones in the vintage Marlboro cigarette ads worked far away from reality
The first half of 2025 saw ranch sales jump 25 percent in Wyoming as families and investors snapped up land (Pictured: Pitchfork Ranch)
Red Hills Ranch, a 190-acre property listed at $65 million, is for sale for the first time since 1975 amid a peak in interest in ranches due to the success of the Yellowstone TV show
The average sale price for ranches in Wyomong hit a record-breaking $4.59 million in the first half of this year
Red Hills Ranch in Wyoming, which boasts a trout fishing river and multiple horse stables, is being sold after many generations for $65 million
The Jackson Hole Report, which also tracks local sales, said the ranch market is booming since Yellowstone became a hit show
Jackson Hole-based real estate broker Latham Jenkins said the rise in sales is directly due to the impact of hit series Yellowstone
'It's mostly finance and tech professionals and entrepreneurs, people looking for a safe-haven asset. They want a place where the family can gather, something that holds value long-term, and a connection to land that feels permanent.'
In Montana, broker Caleb Campbell says there are a lot of buyers coming to the area for ranches. One three-bedroom riverfront ranch is listed for $13,500,000.
Another, High Wood Mountain Ranch, designed for elk hunting, is listed at $12,750,000.
Horsethief Basin Ranch, which included a six stable horse barn, a manager's own house and an operations manager, recently sold for $19,500,000.
'Even after the boom brought on by the Yellowstone series and the pandemic, that interest hasn't died down, it's still very strong,' said Campbell.
He is seeing two types of buyers: out-of-state cash buyers looking for investment properties or family retreats, and operational buyers interested in farming or ranching.
Ranching is a notoriously challenging job, brutal even.
'Most people don't fully grasp how hard ranching is until they spend time here,' Campbell said.
Despite the beautiful landscapes, experts warn that some buyers are not prepared for the amount of work that comes with ranching
A growing number of buyers are trading city living for sweeping views like this, inspired by the rugged beauty of the American West
The rustic interior of one ranch home for sale in Wyoming, where properties like this are being snapped up by investors
Local realtors are seeing two types of buyers: out-of-state cash buyers looking for investment properties or family retreats, and operational buyers interested in farming or ranching
The beautiful interiors of a high-end ranch, which investors are buying and citing the hit show Yellowstone as their inspiration
Kevin Costner leads the ensemble cast of the drama series, which ran for five seasons on Paramount
'It's 24/7 work. The reality is most new buyers hire managers and ranch hands to keep the place running.
'Some want to be hands-on, but even then, they lean heavily on locals with real experience.'
Ranching requires a level of physical fitness for strenuous tasks like running, pulling, pushing, digging and herding animals, often in harsh weather conditions.
It also has heavy psychological demands due to social isolation and financial pressures that can contribute to high rates of stress, anxiety, and depression.
According to the Centers for Disease Control (CDC), in 2020, the suicide rate for farmers, ranchers, and agricultural managers was the sixth highest rate among all occupations in the US.
In reality, the fictional Yellowstone Dutton Ranch is the Chief Joseph Ranch, a 2,500-acre working property in Darby, Montana — much smaller than the 200,000-acre spread depicted on TV.
Still, the backdrop of Montana's Big Sky Country captured imaginations and is fueling the surge in luxury land sales.
In 2021, media mogul Rupert Murdoch dropped $200 million on the Beaverhead Ranch near Yellowstone National Park in Montana — marking the most expensive land deal in the state's history.
Ranches with sweeping views have become the new American dream, but they come with a lot of hard work and physical strain
Experts say that many new ranch owners are relying on locals for difficult day-to-day tasks (Pictured: a real life rancher herds his cattle)
A small home for a ranch manager on one estate for sale has mountain views and was built around Elk hunting
In Yellowstone, Kevin Costner stars as John Dutton, a sixth-generation homesteader who controls the largest contiguous ranch in the US
'This is a profound responsibility,' Murdoch told the Wall Street Journal at the time, adding that he and his family planned to enhance both the ranch's commercial cattle business and its conservation assets.
Hollywood actor Harrison Ford also owns an 800-acre Wyoming ranch — half of which he's donated as a nature preserve. Sandra Bullock owns a ranch near the Teton range.
Yellowstone creator Taylor Sheridan has even bought a 179-acre Wyoming ranch himself for $4.95 million. The 179-acre property, known as Papa's Creek Ranch, has two trout streams for fishing.
Sheridan also has stakes in two ranches in the Texas area — the Four Sixes Ranch and the $264 million Bosque Ranch where he lives full-time with his family and manages horses and cattle.
He also co-owns the 266,255-acre 6666 Ranch in Texas, which was featured in the fourth season of the hit show.
The Lone Star State has the most ranches of any state in the US at 250,000, according to the Texas Department of Agriculture.
Coldwell Banker reports that investors are attracted to the diversification benefits offered by ranch real estate.
'Unlike more volatile asset classes, ranches provide a tangible asset that can generate income through various means, such as agriculture, recreation, and leasing,' a recent report from the real estate company said.
Jenkins said locals have mixed feelings about the wave of investors moving in.
'Some appreciate the investment and conservation new owners bring, but others worry about losing working ranch families and the culture that goes with it.
'When new owners keep cattle on the land and respect the heritage, it's welcomed. If it becomes just a playground, there's more hesitation.'
