Location: Billings, MT | Metro: Billings, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 59002 in fiscal year 2024 is set at $1100. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the amount you will receive; it's the ceiling for your rent payment.
Comparatively, the average rent for the area, according to Census ACS data, is $1,135. This suggests that the FMR is slightly below the market rate, which could mean that landlords participating in Section 8 might need to adjust their expectations for rental income.
The renter share in ZIP 59002 is 47.8%, indicating a substantial demand for rental properties. This high percentage of renters shows that there is a significant portion of the population looking for housing, making the area attractive for investment in rental properties. However, the acquisition cost for properties in this ZIP code is listed as N/A, which implies that specific data on property purchase prices is not available. Landlords should research local real estate values independently to ensure they make informed decisions about property purchases.
Before deciding to participate in the Section 8 program with a rental property in ZIP 59002, verify that your property meets all the required standards for habitability and safety. The Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD) must be met to qualify for the program. This includes ensuring that your property has proper heating, plumbing, electrical systems, and structural integrity.
In summary, while the FMR of $1100 provides a clear payment standard for Section 8 rentals, it is lower than the average market rent of $1,135. With a strong renter base at 47.8%, there is a good chance of finding tenants, but landlords must ensure their property meets HQS requirements to participate.
Data Sources: FMR data from HUD (2027). 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.