Location: Judith Basin County, MT | Metro: Fergus County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The ZIP code 59464 represents a small, tight-knit community with a total population of 597 residents. Approximately 31.3% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area is $56,979, which is relatively low compared to national averages, suggesting that many residents rely on financial assistance such as Section 8 vouchers to afford housing. The median home value stands at $386,371, reflecting a mix of affordable and mid-range housing options.
From an investment standpoint, the Federal Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,460. However, the actual market rent in ZIP 59464, according to Census ACS data, is significantly lower at $825 per month. This substantial gap between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors who can leverage the higher FMR rates offered through Section 8 vouchers to achieve better rental yields.
In considering whether ZIP 59464 is suitable for a hands-off voucher operator or a hands-on value-add buyer, several factors come into play. For a hands-off operator, the low population density and the presence of a significant number of voucher holders make it an attractive option, given the guaranteed income stream from the government. On the other hand, for a hands-on value-add buyer, the disparity between the FMR and the current market rent suggests potential for increasing rents to match the FMR, thereby boosting profitability. However, the limited pool of residents and the relatively low median income might pose challenges in attracting non-voucher tenants willing to pay higher rents.
Conclusion: ZIP 59464 is best suited for hands-off operators looking to capitalize on the guaranteed income from Section 8 vouchers. The area's characteristics support a stable tenant base with less risk of vacancy. For those inclined towards value-add strategies, the potential exists but requires careful consideration of the local economic conditions and the ability to manage properties effectively to attract a broader tenant demographic.
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.