Location: Great Falls, 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 | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $213,945 | 0.6% | F |
| 3BR | $1,770 | $267,015 | 0.66% | D |
U.S. Census Bureau data (2024)
A decision tree for evaluating whether to invest in ZIP 59414 (Black Eagle, MT) for Section 8 properties is outlined below:
1) Does FMR $910 (zip FY 2024) clear debt service on a $238,196 property?
No. The Fair Market Rent (FMR) of $910 is insufficient to cover typical debt service costs on a property valued at $238,196. Debt service generally includes mortgage payments, property taxes, insurance, and maintenance costs. For a property of this value, these costs would likely exceed the FMR, making it financially unviable to rely solely on Section 8 rental assistance.
2) Is market rent $1,182 (Census ACS) above, at, or below FMR?
The market rent of $1,182 is above the FMR of $910. This indicates that landlords could potentially charge more than the Section 8 rate, which might make the area attractive for non-Section 8 rentals.
3) Are 25.2% renters + N/A-day DOM enough demand?
It depends. With 25.2% of the population being renters, there is some demand for rental properties. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly rental units are filled. A high DOM would suggest weak demand, while a low DOM would indicate strong demand. Without this critical information, the decision to invest based on rental demand alone is inconclusive.
In summary, ZIP 59414 does not meet the criteria for a solid Section 8 investment due to the FMR being too low to cover debt service. While market rents are higher and there is some rental demand, the absence of DOM data leaves uncertainty about the speed at which properties can be leased. Landlords should consider diversifying their portfolio with non-Section 8 units if they decide to invest in this area.
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.