Location: Great Falls, MT | Metro: Great Falls, MT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
The Fair Market Rent (FMR) for a one-bedroom apartment in the Great Falls, MT MSA for fiscal year 2026 is $979. This aligns closely with the FMR of $980 for ZIP 59403 in fiscal year 2024, indicating that 59403 is at the lower end of the rental spectrum compared to the broader MSA. For a two-bedroom apartment, the FMR in the MSA for 2025 is $1,121, which suggests that 59403 is likely a value pocket within the Great Falls, MT MSA.
Without specific market rent and home value data for ZIP 59403, we can infer from the available FMR that it is an affordable sub-market. The lack of detailed market rent and home value data for 59403 means that landlords should rely on the FMR as a benchmark for setting competitive rental prices. Given the N/A status for renter share, it's difficult to draw conclusions about the proportion of renters in the area, but the low FMR could attract a higher number of potential Section 8 tenants.
In summary, ZIP 59403 appears to be a value pocket within the Great Falls, MT MSA, offering affordable rental options compared to typical ZIP codes in the area. Landlords and investors looking to serve the needs of Section 8 participants would find this ZIP code attractive due to its alignment with the lower range of FMRs.
Data Sources: FMR data from HUD (2027).
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.