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 | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $188,531 | 0.54% | F |
| 2BR | $1,320 | $257,473 | 0.51% | F |
| 3BR | $1,830 | $324,599 | 0.56% | F |
| 4BR | $2,010 | $353,183 | 0.57% | F |
| 5BR | $2,332 | $412,186 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 59405, located in Great Falls, Montana, is a renter-heavy area with significant potential for Section 8 tenants. With a population of 33,350, nearly 43.0% of residents are renters, indicating a robust demand for rental properties. The median household income in this ZIP is $59,449, which provides a solid basis for evaluating the affordability of rents.
The average market rent in ZIP 59405 is $1,387 per month, representing approximately 23.3% of the median household income. This suggests that a considerable portion of the income is allocated towards rent, which is a critical consideration for landlords. However, when compared to the Fair Market Rent (FMR) set at $970 for FY 2024, it becomes evident that the market rent exceeds the FMR by $417, or about 43%. This discrepancy highlights the need for landlords to understand the financial capabilities of their potential tenants.
The FMR of $970 is the benchmark used by the Housing Choice Voucher Program (commonly known as Section 8) to determine the maximum rent a voucher holder can pay. In ZIP 59405, landlords should be prepared to offer rents that align closer to the FMR to attract Section 8 tenants effectively. Given the high percentage of renters and the relatively low median income, there is likely a substantial pool of individuals who rely on housing vouchers to afford living in the area.
A landlord in ZIP 59405 should anticipate a tenant profile that includes a significant number of families and individuals with lower incomes. These tenants will likely require assistance in the form of housing vouchers to cover the cost of rent. It's important for landlords to ensure that their properties meet the necessary standards for the Section 8 program and to be prepared to work with the local housing authority to manage the voucher process.
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.