Location: Stillwater 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 | $1,060 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,530 | $361,668 | 0.42% | F |
| 3BR | $2,120 | $504,309 | 0.42% | F |
| 4BR | $2,550 | $636,653 | 0.4% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 59063, which encompasses Park City, MT, and is part of the Stillwater County, MT HUD Metro FMR Area, does not favor landlords. The Fair Market Rent (FMR) set at $1,090 for fiscal year 2024 is notably lower than the Census ACS reported market rent of $1,269. This discrepancy suggests that landlords might struggle to cover costs if they adhere strictly to the FMR guidelines.
Regarding acquisition affordability, the median home value stands at $509,408. However, due to the lack of specific data on days on market (DOM) and the percentage of homes requiring price cuts, it's challenging to provide a definitive assessment. Landlords should conduct thorough local market research to understand how long properties typically stay on the market and whether they're likely to face pressure to reduce asking prices.
Tenant demand is relatively low in ZIP 59063. With a total population of 2,070, only 16.7% are renters. This translates to approximately 347 potential rental tenants, indicating a limited pool of prospective renters. Given the small number of renters relative to the overall population, landlords must ensure their properties are competitively priced and well-maintained to attract and retain tenants.
Verdict: ZIP code 59063 presents a challenging environment for landlords. The gap between the FMR and market rent is significant, suggesting difficulty in covering expenses without exceeding the FMR limits. Acquisition costs are high, and without detailed DOM and price-cut data, assessing the ease of property acquisition remains uncertain. Lastly, the low renter share means that landlords will have to compete in a smaller market to find tenants, necessitating careful management and pricing strategies to succeed.
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.