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 | $1,490 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,710 | $486,991 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 59485 is situated in a quiet, rural area with a total population of 772 residents. Only 9.8% of these residents are renters, indicating a predominantly owner-occupied community. The median household income in this area stands at $90,286, reflecting a relatively affluent demographic. Additionally, the median home value in ZIP 59485 is $439,998, which further underscores the financial stability of the local homeowners.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 59485 in fiscal year 2024 is set at $940. This figure contrasts sharply with the Census Bureau's reported market rent of $2,196, suggesting a significant gap between government-subsidized rates and the actual rental prices in the area. For Section 8 investors, this disparity can be a critical factor in determining the feasibility and profitability of their investments.
Given the low percentage of renters and the high median income, ZIP 59485 might not be an ideal location for hands-off voucher operators. The limited demand for subsidized housing could result in lower occupancy rates and reduced cash flow. However, for hands-on value-add buyers who are willing to renovate and manage properties, there could be opportunities to capture the higher market rents while still providing affordable housing options through Section 8 vouchers.
In summary, ZIP 59485 presents a unique challenge for Section 8 investors due to its low renter population and high market rents. While it may not suit passive investors looking for stable, government-backed returns, it offers potential for active investors who can leverage the area's affluence and property values to create profitable rental units.
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.