Location: Jefferson County, MT | Metro: Jefferson County, MT HUD Metro FMR Area
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 | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $333,397 | 0.4% | F |
| 3BR | $1,760 | $366,304 | 0.48% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 59632, located in Boulder, MT within the Jefferson County, MT HUD Metro FMR Area, does not align favorably for landlords. The Fair Market Rent (FMR) set at $1,230 for the fiscal year 2026 contrasts sharply with the actual market rent reported by the Census ACS, which stands at $919. This discrepancy suggests that landlords may struggle to justify higher rents based on government standards, potentially leading to lower occupancy rates if they do not adjust their pricing to meet market conditions.
Regarding acquisition affordability, the median home value in ZIP 59632 is $359,424. However, due to the lack of data on days on market (DOM) and the percentage of homes that were sold with price cuts, it's challenging to assess the liquidity and competitiveness of the housing market. Landlords and small-portfolio investors should consider this gap in information when making investment decisions, as it could indicate either a stable or a volatile market depending on further analysis.
Tenant demand in ZIP 59632 is modest given the total population of 2,557 and a renter share of 22.0%. This indicates that about 562 residents are likely seeking rental properties. While this number is not insignificant, the limited pool of potential tenants means landlords must offer competitive rental terms and maintain high-quality properties to attract and retain renters.
Overall, ZIP 59632 presents a mixed picture for landlords and small-portfolio investors. The mismatch between FMR and market rent suggests a need for careful pricing strategies. The median home value provides a baseline for property acquisition costs, but the incomplete data on market dynamics introduces uncertainty. Tenant demand is present but constrained by the small population size. Investors should proceed with caution, ensuring they can adapt to local market conditions and offer attractive rental options to capitalize on the available demand.
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.