Location: Petroleum County, MT | Metro: Fergus County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
27.4% of residents in ZIP code 59087 rely on renting their homes, indicating a significant demand for rental properties. The area's median income stands at $62,813, which provides insight into the financial capacity of potential tenants. However, the median home value is notably higher at $199,624, suggesting that homeownership may be less accessible compared to renting. For those interested in Section 8 housing, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,350, offering a benchmark for affordable rental rates. This figure contrasts sharply with the average market rent reported by the Census ACS, which is $800, underscoring the gap between what is considered fair market value and actual rental costs. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the disparity between the FMR and market rent indicates a favorable environment for landlords participating in the Section 8 program. Landlords can expect to attract tenants who are financially stable enough to meet the $62,813 median income threshold but may still require assistance to afford the $1,350 FMR, making it a viable option for both parties. The lower market rent of $800 also suggests that there might be room for negotiation without pricing out potential tenants. In conclusion, ZIP code 59087 presents a solid opportunity for Section 8 participation, given the high renter share and the affordability gap between market rents and the FMR.
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.