Location: Wheatland County, MT | Metro: Wheatland County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
ZIP code 59036 encompasses the town of Harlowton, Montana, a small rural community with a total population of 1,530 residents. Approximately 28.2% of these residents are renters, indicating a modest demand for rental properties. The median household income in Harlowton stands at $50,000, reflecting a middle-class living standard. The median home value is $161,665, suggesting that homeownership is relatively affordable in this area.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 59036 in fiscal year 2026 is set at $1,180. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will reimburse landlords who participate in the Section 8 program. In contrast, the market rent, based on Census American Community Survey (ACS) data, is significantly lower at $747 per month. This disparity between FMR and market rent presents a unique opportunity for landlords and small-portfolio investors.
The difference between the FMR and the actual market rent indicates that Harlowton could be well-suited for hands-off voucher operators. Landlords can expect to receive a higher reimbursement rate than the typical market rent, leading to potentially stable and above-average returns without the need for extensive property management efforts. However, for those interested in a hands-on approach, there is room to enhance property values and rents, given the gap between the FMR and current market rates. Value-add buyers could improve property conditions and amenities, aiming to increase rents closer to the FMR levels while still remaining attractive to tenants.
In summary, ZIP 59036 offers a balanced environment for both hands-off and hands-on Section 8 investors. With a median income of $50,000 and a median home value of $161,665, the town supports a stable tenant base. The $1,180 FMR compared to the $747 market rent provides a clear advantage for hands-off operators seeking consistent cash flow, while also offering opportunities for value-add strategies to increase investment yields.
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.