Location: Great Falls, MT | Metro: Great Falls, MT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
U.S. Census Bureau data (2024)
The ZIP code 59483 presents several challenges for potential Section 8 landlords. Firstly, tenant turnover could be problematic due to the discrepancy between the market rent and the $960 Fair Market Rent (FMR) set for fiscal year 2024. This gap suggests that landlords might struggle to attract tenants who qualify for Section 8 vouchers, leading to higher turnover rates.
Vacancy exposure is another concern. With no data on the average number of days on the market (DOM), it's difficult to predict how long properties might remain vacant. However, the typical home value of $450,424 in this area contrasts sharply with the median income of $97,813, indicating that many residents may find it challenging to afford housing without assistance. This mismatch increases the risk of prolonged vacancies if the market rent exceeds the FMR.
Deferred maintenance is also a significant risk. The high typical home value suggests that properties in this area may require substantial investments to maintain them at a standard suitable for Section 8 tenancy. Landlords must be prepared to cover these costs, which can be considerable given the disparity between property values and median incomes.
Despite these risks, the 2.5% renter share in ZIP 59483 is noteworthy. High renter density typically correlates with greater demand for housing vouchers, which can stabilize occupancy rates. This factor could mitigate some of the risks associated with tenant turnover and vacancy exposure, making the area more attractive for landlords willing to navigate the Section 8 program.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.