Section 8 Fair Market Rent (FMR) for ZIP 59337 - 2027

Location: Garfield County, MT | Metro: Garfield County, MT

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$860
2 Bedrooms	$1,100
3 Bedrooms	$1,440
4 Bedrooms	$1,810
5 Bedrooms	$2,100
6 Bedrooms	$2,352
7 Bedrooms	$2,540
8 Bedrooms	$2,667

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

653

Median Household Income

$75,417

Housing Units

436

Renter Percentage

29.9%

Occupancy Rate

67.4%

Renter Occupied

A landlord considering investing in ZIP code 59337 for Section 8 purposes must follow a structured decision-making process. The first question to ask is whether the Fair Market Rent (FMR) of $1,100 can cover the debt service on a property valued at $273,165. For a typical mortgage rate, the monthly payment would be approximately $1,400, which means the FMR of $1,100 does not clear the debt service. Therefore, the answer to the first question is No.

The second question involves comparing the market rent of $810 against the FMR. Since the market rent is below the FMR, this suggests that there is room for growth in rental prices, but it also indicates that the current market conditions may not fully support the higher FMR. This scenario leans towards It Depends, as it will depend on future market trends and whether the gap between market rent and FMR narrows.

The third question evaluates the demand for rentals. With 29.9% of the population being renters and an unspecified number of days on the market (DOM), the demand appears moderate. However, the lack of data on DOM makes it difficult to assess the urgency of rental demand. Given the available information, the answer is It Depends.

If the FMR cannot cover debt service: Do not purchase. The financial risk is too high without sufficient income to meet mortgage obligations.
If market rent is below FMR: Consider purchasing only if you believe market rents will rise to meet or exceed the FMR. This would require monitoring local economic indicators and housing market trends closely.
If demand is moderate: Purchase cautiously. Ensure that your investment aligns with long-term growth potential and that you can manage the property effectively despite the moderate demand.

In conclusion, based on the provided data, a landlord should not proceed with a purchase in ZIP code 59337 unless they are prepared to address the issues of insufficient FMR coverage of debt service and potentially low market rent. Additionally, the moderate demand for rentals requires careful consideration of the broader market context before making a final decision.

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.