Location: Billings, 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 | $920 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $455,462 | 0.28% | F |
U.S. Census Bureau data (2024)
The rent math for ZIP 59071, which includes Fishtail and parts of Billings, Montana, does not work based on the available data. The Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2024. However, the market rent is listed as N/A, indicating that there is insufficient data to make a comparison between the actual market rates and the FMR. This absence of market rent data makes it difficult to assess whether rental income will cover operational costs effectively.
Regarding acquisition affordability, the median home value in ZIP 59071 stands at $529,568. Unfortunately, the days on market (DOM) and the percentage of homes needing price cuts are also listed as N/A, suggesting a lack of recent sales activity or data. Without these metrics, it's challenging to determine if the purchase price of properties is likely to drop due to prolonged listings or necessary price reductions. Therefore, while the median home value provides a baseline for property costs, the incomplete data on DOM and price-cut shares hinders a full assessment of acquisition affordability.
There is a low tenant demand in ZIP 59071. With a total population of only 42, the area has an extremely low 0.0% renter share. This indicates that virtually all residents own their homes, leaving very little room for rental properties. Given the small and largely owner-occupied population, landlords and small-portfolio investors would find it difficult to attract tenants, let alone maintain a steady occupancy rate.
In summary, ZIP 59071 presents significant challenges for real estate investment, particularly in the rental sector. The lack of market rent data makes it impossible to confirm that the rent math works in favor of profitability. Acquisition costs appear high with the median home value at $529,568, and without DOM and price-cut share data, the potential for negotiating lower purchase prices is uncertain. Most critically, the near-zero tenant demand due to the overwhelmingly low renter share suggests that finding and retaining tenants would be exceptionally challenging. These factors collectively indicate that ZIP 59071 is not a favorable location for rental investments.
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.