Location: Big Horn County, MT | Metro: Billings, MT HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,890 | $489,453 | 0.39% | F |
U.S. Census Bureau data (2024)
ZIP code 59037, located within Big Horn County, MT, presents a unique profile when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 59037 is set at $1140 for fiscal year 2024. This figure is indicative of the maximum amount that a household receiving Section 8 assistance can pay for rent. While the specific market rent data is not available, we can infer trends based on the home value and renter share percentages.
The median home value in ZIP 59037 stands at $487,254, which is notably higher than what might be considered average for the broader Big Horn County area. This suggests that properties within 59037 command a premium price, possibly due to desirable characteristics such as location, amenities, or quality of construction. However, the renter share of 8.4% indicates that a smaller proportion of residents are renters, contrasting with areas where rental housing is more prevalent.
Given the high home value but relatively low renter share, it's unlikely that ZIP 59037 would be considered a value pocket for Section 8 tenants. Value pockets typically have lower home values and higher renter shares, indicating a greater concentration of affordable rental units. Instead, 59037 appears to be a premium sub-market, where property owners might expect higher returns on investment due to the elevated home values.
However, the presence of a defined FMR without a corresponding market rent figure could suggest that the rental market is less active or that there is limited data on rental prices. Landlords and small-portfolio investors should consider the FMR as a benchmark for setting rent prices for Section 8 eligible units, ensuring they remain competitive while maximizing their income potential.
In summary, ZIP 59037 is positioned as a premium sub-market within Big Horn County, MT, characterized by high home values and a moderate FMR. The lower renter share implies fewer residents are seeking rental housing, which may affect the demand for Section 8 units. Investors should focus on understanding the local rental dynamics and the potential for rental income within the constraints of the FMR.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.