Location: Fergus County, MT | Metro: Fergus County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
U.S. Census Bureau data (2024)
The median income in ZIP code 59451 stands at $85,625, which places residents in a relatively high-income bracket. However, the absence of specific market rate rental data suggests a limited supply of rental properties, making it challenging to gauge the overall affordability for renters. The voucher payment standard for Fair Market Rent (FMR) in the metro area for fiscal year 2026 is set at $1,420. This figure represents the government's benchmark for what it considers a reasonable rent amount for low-income households.
Given the small number of renters—only 5.3% of the 123-person population—it's evident that the rental market in ZIP 59451 is quite niche. This low percentage of renters indicates a primarily owner-occupied community, where the demand for rental units is minimal. The affordability gap between the median income and the FMR highlights the financial challenge faced by low-income households seeking housing. For these individuals, the $1,420 voucher payment may be insufficient to cover the cost of renting in an area where incomes are higher and rents could potentially be much greater.
The limited competition among landlords due to the low percentage of renters means that those who do offer rental properties have a significant advantage. However, the scarcity of available rental units also implies that landlords can command higher rents if they choose to cater to higher-income tenants who might pay above the FMR. This situation presents a strategic dilemma for landlords considering whether to accept Section 8 vouchers or aim for cash-paying tenants.
Takeaway: Landlords in ZIP 59451 should weigh the benefits of accepting Section 8 vouchers against the potential for attracting cash-paying tenants willing to pay more than the FMR. The decision should consider the local rental market dynamics, tenant preferences, and the landlord's financial goals. Given the high median income and likely higher market rates, focusing on cash-paying tenants could prove more lucrative, but accepting vouchers ensures a steady, government-backed income stream.
Data Sources: FMR data from HUD (2027). 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.