Section 8 Fair Market Rent (FMR) for ZIP 59625 - 2027
Location: Lewis and Clark County, MT | Metro: Lewis and Clark County, MT HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,150 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if you should buy in ZIP code 59625 for Section 8 investments, follow this decision tree:
- 1) Does FMR $1,640 (metro FY 2026) cover your debt service?
- Yes: Proceed to the next question.
- No: This area is not financially viable for Section 8 properties. The Fair Market Rent (FMR) of $1,640 does not sufficiently cover the costs associated with owning a property here, including mortgage payments, taxes, insurance, and maintenance.
- 2) Is market rent above, at, or below FMR?
- Above: Market conditions favor higher rents. However, for Section 8 tenants, the maximum allowable rent is capped at the FMR of $1,640. This means you will not be able to fully capitalize on the market rates, but the property remains viable if the FMR covers debt service.
- At: Market rent aligns with the FMR, making it a neutral position. The income from Section 8 tenants will match the market rate, ensuring that you can maintain the property without financial strain.
- Below: Market rent is lower than the FMR. While this might seem unfavorable, it actually increases the attractiveness of Section 8 to potential tenants. Landlords can still receive the full FMR amount, which is higher than what most tenants could afford otherwise.
- 3) Are there enough renters and days on the market (DOM) to meet demand?
- Enough Demand: With sufficient renters and a reasonable DOM, the area shows a healthy rental market. This indicates that there is a steady flow of tenants looking for housing, which is essential for maintaining occupancy rates.
- Limited Demand: If the percentage of renters is low and the DOM is high, this suggests a less favorable rental market. High DOM implies difficulty in finding tenants quickly, which can lead to periods of vacancy and reduced income.
The viability of investing in ZIP 59625 for Section 8 properties hinges on these factors. If FMR covers debt service and there is adequate demand, then the answer is yes. If market rent is significantly above FMR and demand is limited, the decision becomes more nuanced, depending on other local economic indicators and the landlord's risk tolerance. Always ensure that your analysis includes all relevant financial and market data before making an investment decision.
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.