Location: Crook County, WY | Metro: Carter County, MT
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,520 | $326,939 | 0.46% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 57717 in the metro area for fiscal year 2026 is set at $1,090. This figure represents the payment standard for landlords participating in the Section 8 program, meaning it's the maximum amount the housing authority will pay towards a tenant's rent. However, this does not dictate the actual rent you can charge; it merely caps the subsidy portion.
To put this into perspective, the average rent in ZIP 57717, according to Census ACS data, is $973. This indicates that the FMR is slightly higher than the market rate, which could be beneficial if you're looking to cover costs and make a profit. The gap between the FMR and the average rent suggests that landlords might have some flexibility in setting their own rent rates, but they must ensure that the total rent does not exceed the FMR.
The 26.8% share of renters in the area signifies a moderate demand for rental properties. While this percentage isn't exceptionally high, it does indicate a stable market where there are enough potential tenants to fill your units. However, it's important to note that the demand for affordable housing specifically under the Section 8 program can vary. You should expect a steady flow of interested applicants, but it's crucial to understand the dynamics of the local rental market.
If you're considering acquiring a property for a Section 8 rental in ZIP 57717, the median home value is approximately $345,238. This figure represents the typical price point for purchasing a property in this area. Given the FMR and average rent, it's essential to evaluate whether the income generated from a Section 8 rental will cover your mortgage payments, maintenance costs, and other expenses associated with owning a rental property.
Before making the decision to enter the Section 8 market, one critical step is to verify the local housing authority's waiting list status. If the waiting list is closed, it might take a long time for new applications to be processed, potentially leaving your unit vacant for an extended period. Conversely, if the list is open, you can expect a quicker turnaround on filling your unit with a qualified tenant.
In summary, the FMR of $1,090 sets the upper limit for the subsidy, while the average rent of $973 provides insight into the local market. With a 26.8% renter share, there is a reasonable demand for rentals, and the median home value of $345,238 gives you a benchmark for acquisition costs. Checking the status of the local housing authority's waiting list is a key verification step to ensure your investment aligns with your financial goals.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.