Location: Chouteau County, MT | Metro: Great Falls, MT MSA
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 | $1,180 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,190 | $196,217 | 0.61% | D |
| 2BR | $1,550 | $268,232 | 0.58% | F |
| 3BR | $2,150 | $377,224 | 0.57% | F |
| 4BR | $2,360 | $422,561 | 0.56% | F |
| 5BR | $2,738 | $535,079 | 0.51% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 59404, located in Great Falls, MT, reveals several key points when compared to typical ZIP codes within Chouteau County, MT. The Fair Market Rent (FMR) for ZIP 59404 is set at $1,020 for fiscal year 2024. This figure is notably lower than the market rent of $1,917, indicating that rental properties within this ZIP code are potentially undervalued relative to the actual market conditions.
Furthermore, the median home value in ZIP 59404 stands at $386,898. This is likely to be representative of the overall housing market in the area, suggesting that property values are consistent with those found in other parts of Chouteau County. However, the significant difference between the FMR and market rent suggests that there might be opportunities for landlords who can attract tenants eligible for Section 8 assistance.
The renter share in ZIP 59404 is 15.1%, which could be seen as a moderate level of rentership. A higher-than-average renter share combined with below-market home values can indicate a favorable environment for Section 8 properties. This combination suggests that ZIP 59404 could be considered a value pocket within its metro area, offering landlords the chance to manage properties with a steady stream of government-assisted tenants without having to deal with excessively high property costs.
In conclusion, ZIP 59404 presents itself as a potentially attractive location for landlords and small-portfolio investors looking to enter into or expand their presence in the Section 8 market. The discrepancy between the FMR and market rent, along with the moderate renter share and reasonable home values, points towards an opportunity where properties can be rented out profitably while also serving a need for affordable housing. This makes it a valuable consideration for investors seeking stable returns through government-backed rental assistance programs.
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.