HUD publishes Fair Market Rent for 388 ZIP codes across 54 HUD FMR areas in MT. Two-bedroom FMR ranges from $1,010 to $2,460.
| Bedrooms | Average FY2027 FMR |
|---|---|
| Studio | $1,055 |
| 1 bedroom | $1,145 |
| 2 bedroom | $1,422 |
| 3 bedroom | $1,924 |
| 4 bedroom | $2,264 |
Across the 388 MT ZIP codes present in both years, the average two-bedroom Fair Market Rent increased from $1,406 to $1,422, a change of +$16 (+1.1%). Payment standards follow FMR, so an increase generally raises the ceiling a voucher can cover in MT.
MT is divided into 54 HUD FMR areas. Each sets its own rent standard, so the ceiling a voucher can cover changes depending on which area a unit sits in.
| FMR Area | ZIP Codes | Avg 2BR | 2BR Range |
|---|---|---|---|
| Bozeman | 6 | $2,043 | $1,940 - $2,110 |
| Broadwater County | 4 | $1,768 | $1,740 - $1,800 |
| Madison County | 18 | $1,744 | $1,390 - $2,380 |
| Missoula | 12 | $1,735 | $1,510 - $2,460 |
| Park County | 9 | $1,727 | $1,450 - $1,970 |
| Flathead County | 14 | $1,662 | $1,530 - $2,060 |
| Lewis and Clark County | 16 | $1,644 | $1,120 - $2,040 |
| Custer County | 1 | $1,610 | $1,610 - $1,610 |
| Meagher County | 2 | $1,575 | $1,570 - $1,580 |
| Wibaux County | 1 | $1,550 | $1,550 - $1,550 |
| Jefferson County | 4 | $1,530 | $1,320 - $1,940 |
| Lake County | 14 | $1,507 | $1,300 - $2,010 |
| Granite County | 3 | $1,507 | $1,300 - $1,870 |
| Treasure County | 4 | $1,500 | $1,400 - $1,580 |
| Prairie County | 7 | $1,479 | $1,400 - $1,570 |
| Ravalli County | 10 | $1,470 | $1,290 - $1,950 |
| McCone County | 2 | $1,465 | $1,400 - $1,530 |
| Petroleum County | 5 | $1,464 | $1,400 - $1,550 |
| Billings | 21 | $1,462 | $1,280 - $2,060 |
| Chouteau County | 8 | $1,461 | $1,190 - $1,970 |
| Sweet Grass County | 6 | $1,438 | $1,160 - $1,860 |
| Fergus County | 5 | $1,434 | $1,310 - $1,520 |
| Fallon County | 3 | $1,420 | $1,400 - $1,430 |
| Stillwater County | 8 | $1,415 | $1,280 - $1,550 |
| Richland County | 4 | $1,390 | $1,190 - $1,640 |
| Great Falls | 10 | $1,378 | $1,160 - $1,960 |
| Silver Bow County | 10 | $1,366 | $1,280 - $1,420 |
| Big Horn County | 14 | $1,362 | $1,180 - $1,590 |
| Mineral County | 5 | $1,360 | $1,230 - $1,560 |
| Teton County | 12 | $1,347 | $1,230 - $1,580 |
| Musselshell County | 3 | $1,343 | $1,300 - $1,380 |
| Lincoln County | 8 | $1,336 | $1,100 - $1,530 |
| Judith Basin County | 11 | $1,329 | $1,150 - $1,620 |
| Sanders County | 11 | $1,305 | $1,010 - $1,670 |
| Hill County | 9 | $1,304 | $1,180 - $1,500 |
| Roosevelt County | 6 | $1,300 | $1,090 - $1,570 |
| Toole County | 11 | $1,300 | $1,120 - $1,520 |
| Rosebud County | 12 | $1,295 | $1,090 - $1,610 |
| Powell County | 9 | $1,284 | $1,020 - $1,690 |
| Wheatland County | 6 | $1,272 | $1,200 - $1,340 |
| Glacier County | 3 | $1,233 | $1,170 - $1,270 |
| Valley County | 14 | $1,214 | $1,080 - $1,400 |
| Carter County | 4 | $1,208 | $1,150 - $1,260 |
| Blaine County | 5 | $1,200 | $1,180 - $1,230 |
| Sheridan County | 10 | $1,192 | $1,090 - $1,260 |
| Dawson County | 1 | $1,190 | $1,190 - $1,190 |
| Powder River County | 6 | $1,185 | $1,020 - $1,470 |
| Pondera County | 2 | $1,150 | $1,150 - $1,150 |
| Garfield County | 4 | $1,133 | $1,080 - $1,250 |
| Liberty County | 2 | $1,110 | $1,040 - $1,180 |
| Deer Lodge County | 1 | $1,080 | $1,080 - $1,080 |
| Beaverhead County | 5 | $1,080 | $1,040 - $1,100 |
| Phillips County | 6 | $1,070 | $1,020 - $1,210 |
| Daniels County | 1 | $1,030 | $1,030 - $1,030 |
| ZIP | FMR Area | 2BR FMR |
|---|---|---|
| 59834 | Missoula | $2,460 |
| 59718 | Madison County | $2,380 |
| 59730 | Madison County | $2,250 |
| 59716 | Madison County | $2,230 |
| 59741 | Madison County | $2,140 |
| 59735 | Madison County | $2,130 |
| 59771 | Bozeman | $2,110 |
| 59772 | Bozeman | $2,110 |
| 59719 | Bozeman | $2,110 |
| 59937 | Flathead County | $2,060 |
| 59079 | Billings | $2,060 |
| 59714 | Bozeman | $2,050 |
| 59602 | Lewis and Clark County | $2,040 |
| 59640 | Lewis and Clark County | $2,040 |
| 59745 | Madison County | $2,010 |
| 59914 | Lake County | $2,010 |
| 59729 | Madison County | $1,980 |
| 59450 | Chouteau County | $1,970 |
| 59020 | Park County | $1,970 |
| 59485 | Great Falls | $1,960 |
| 59841 | Ravalli County | $1,950 |
| 59752 | Jefferson County | $1,940 |
| 59760 | Bozeman | $1,940 |
| 59758 | Bozeman | $1,940 |
| 59086 | Park County | $1,940 |
| ZIP | FMR Area | 2BR FMR |
|---|---|---|
| 59873 | Sanders County | $1,010 |
| 59537 | Phillips County | $1,020 |
| 59317 | Powder River County | $1,020 |
| 59314 | Powder River County | $1,020 |
| 59832 | Powell County | $1,020 |
| 59538 | Phillips County | $1,020 |
| 59276 | Daniels County | $1,030 |
| 59546 | Phillips County | $1,030 |
| 59848 | Sanders County | $1,030 |
| 59343 | Powder River County | $1,030 |
| 59522 | Liberty County | $1,040 |
| 59739 | Beaverhead County | $1,040 |
| 59542 | Phillips County | $1,070 |
| 59524 | Phillips County | $1,070 |
| 59241 | Valley County | $1,080 |
| 59318 | Garfield County | $1,080 |
| 59724 | Beaverhead County | $1,080 |
| 59273 | Valley County | $1,080 |
| 59756 | Deer Lodge County | $1,080 |
| 59250 | Valley County | $1,080 |
| 59253 | Valley County | $1,080 |
| 59761 | Beaverhead County | $1,090 |
| 59222 | Roosevelt County | $1,090 |
| 59736 | Beaverhead County | $1,090 |
| 59263 | Roosevelt County | $1,090 |
Fair Market Rent is not what a family pays and not what the voucher pays. The housing authority sets a payment standard from it, normally 90% to 110% of FMR. How voucher amounts are calculated.
Source: US Department of Housing and Urban Development, FY2027 Fair Market Rents.
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