Location: Billings, MT | Metro: Billings, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $950 for zip code 59014 in Bridger, MT, for fiscal year 2024, landlords can expect a clear benchmark for rental pricing. The Census ACS data shows a market rent of $846, indicating that properties priced at the FMR level could attract tenants looking for quality housing options. Given the median home value of $394,330, it's evident that homeownership is significantly more expensive compared to renting, which might influence the 25.6% of residents who choose to be renters. This substantial renter share suggests a robust demand for rental properties. However, with a median income of $55,234, affordability becomes a critical factor for potential tenants. While the data does not provide the exact days on market (DOM) or the percentage of price-cut share, the gap between the FMR and market rent suggests that there is room for negotiation without compromising on property value. In conclusion, the zip code 59014 presents a viable opportunity for Section 8 participation, given the alignment of the FMR with the local market conditions and the significant portion of residents who are renters.
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.