Location: Lewis and Clark 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 | $1,010 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,040 | $264,011 | 0.39% | F |
| 2BR | $1,350 | $381,657 | 0.35% | F |
| 3BR | $1,870 | $541,515 | 0.35% | F |
| 4BR | $2,040 | $545,433 | 0.37% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 59421, which encompasses Cascade, MT, stands at $78,125. At first glance, this might seem sufficient to cover the market rate rent of $850. However, when considering typical household expenses, including utilities, groceries, healthcare, and other necessities, the burden of paying $850 in rent becomes significant. The Federal Market Rent (FMR) for the area, set at $910, represents the standard payment for housing vouchers in fiscal year 2024. This figure is slightly higher than the market rate, indicating that voucher holders might have an easier time finding suitable housing.
With only 13.8% of the 2,069 residents being renters, the competition among landlords is relatively low. This means that landlords who accept vouchers could potentially attract a larger share of the rental market, especially since the FMR is higher than the market rate. For those considering whether to accept vouchers or focus on cash-paying tenants, it's important to recognize the financial benefits of both approaches. Accepting vouchers ensures a steady stream of rental income, albeit at a slightly lower rate than the FMR, while relying solely on cash-paying tenants might result in higher immediate returns but increased vacancy rates due to the affordability gap.
The takeaway for landlords is clear: accepting vouchers can be a strategic advantage in ZIP 59421. It not only helps fill units but also aligns with the higher FMR, providing a more stable and predictable income source compared to the volatile nature of cash-paying tenants in a market where many households struggle to meet the $850 market rate. Landlords should consider the long-term benefits of voucher acceptance, particularly in light of the modest population and the limited number of renters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.