Location: Sheridan County, MT | Metro: Sheridan County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 59247, as determined by the U.S. Department of Housing and Urban Development (HUD), is set at $1,170 for the fiscal year 2026. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, HUD will pay up to $1,170 per month for a unit in this area, adjusted based on the size of the unit and other factors.
In comparison, the average rent for the same ZIP code, according to recent Census American Community Survey (ACS) data, stands at $732 per month. This suggests that participating in the Section 8 program can provide a higher income than the market average, making it an attractive option for landlords and small-portfolio investors looking to maximize their returns.
The 32.3% share of renters in the area indicates strong demand for rental properties. Given this high percentage, there is a significant likelihood that tenants with Section 8 vouchers will be interested in your property, ensuring a steady stream of potential occupants. The median household income in the area is $124,681, which can influence the types of properties you might consider acquiring for the Section 8 program. It's important to note that while this income level is relatively high, the Section 8 program targets lower-income individuals who may need assistance with housing costs.
To ensure that your investment is worthwhile, it's crucial to verify that your property meets the necessary standards for Section 8 eligibility. This includes passing a housing quality standards (HQS) inspection, which checks for basic safety and livability conditions. By confirming compliance with these standards beforehand, you can avoid any delays or complications once you decide to participate in the program.
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.