Location: Big Horn County, MT | Metro: Billings, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
U.S. Census Bureau data (2024)
The ZIP code 59024 stands out due to its unique demographic and economic characteristics. With only 335 residents, it has a low population density, yet 19.6% of these residents rent their homes. The median income in the area is relatively high at $78,125, indicating a comfortable standard of living. However, the median home value is significantly higher at $401,217, suggesting that homeownership is a considerable financial commitment.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 59024 in fiscal year 2024 is set at $950, while the actual market rent, based on Census ACS data, is $420. This discrepancy means that landlords who accept Section 8 vouchers can charge well above the typical market rate, which could be a significant incentive. However, it also indicates that there might be a limited pool of tenants able to afford the higher rents, especially when considering the overall income levels in the area.
The data signature for ZIP 59024 reads as stable. Despite the high median home values, the median income supports a reasonable cost of living. The rental percentage is modest, but the voucher economics present an opportunity for landlords to potentially command higher rents than the local market average. Given the low population density, any changes in the housing market would likely be gradual and influenced by broader regional trends rather than sudden shifts in demand.
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.