Location: Stillwater County, MT | Metro: Stillwater County, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
U.S. Census Bureau data (2024)
The ZIP code 59028 is situated in a rural neighborhood characterized by a modest population of 496 residents. The area has a relatively low percentage of renters at 22.3%, indicating that homeownership is prevalent among the local populace. With a median household income of $72,969, the residents enjoy a comfortable standard of living, and the median home value stands at $577,848, reflecting a stable and somewhat affluent community.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 59028 in fiscal year 2024 is set at $1,050. This figure contrasts with the reported market rent of $1,292, based on Census ACS data. The disparity between the FMR and market rent suggests that landlords operating in this ZIP code could see a slight premium over the voucher rates, but it also indicates that there might be limited demand for higher-priced rentals given the income levels of the residents.
Considering the profile of this area, it would suit a hands-off voucher operator who aims to maintain a steady stream of income without engaging in extensive property management activities. However, due to the relatively low number of renters and the moderate income levels, a hands-on value-add buyer looking to increase rents significantly may find the market challenging. The focus should be on properties that can be managed efficiently with minimal renovations, ensuring compliance with Section 8 standards while maximizing occupancy and rental income.
To summarize, ZIP 59028 offers a stable environment for Section 8 investments, particularly for those seeking a low-maintenance approach. The economic indicators suggest a balance where hands-off operators can benefit from the existing demand, whereas hands-on investors must carefully assess the potential for value addition within the constraints of the local rental market.
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.