Location: Madison County, MT | Metro: Madison County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The ZIP code 59710 presents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 226, 24.3% of residents are renters, indicating a moderate rental presence but not necessarily a heavy tenant pool. The median household income stands at $50,885, which provides a baseline for understanding the financial capabilities of potential tenants.
To analyze the depth of voucher demand, it's essential to compare local market rents with the Federal Market Rent (FMR). However, specific market rent figures for ZIP 59710 are currently unavailable. This makes it challenging to determine exactly what percentage of local income goes towards rent. Nonetheless, we can use the FMR as a proxy to gauge affordability.
The FMR for the area, set at $1,350 for fiscal year 2026, represents the maximum amount that a Section 8 voucher holder can pay for rent. Assuming a typical renter spends around 30% of their income on housing, a household earning the median income would allocate approximately $1,526 per month towards rent. This figure exceeds the FMR, suggesting that voucher holders might find it difficult to cover rent in higher-cost units without additional assistance.
A landlord in ZIP 59710 should anticipate a tenant profile characterized by individuals and families who rely on government assistance for housing. These tenants will likely be looking for properties that align closely with the FMR or below, to ensure they can afford the rent alongside other living expenses. Given the limited data on market rents, it's advisable for landlords to price their rentals competitively near the FMR to attract and retain Section 8 tenants.
In conclusion, while ZIP 59710 has a modest rental population, the reliance on Section 8 vouchers is significant. Landlords should focus on offering affordable units that cater to those needing financial aid for housing, ensuring they do not exceed the FMR of $1,350. This strategy will help in securing stable tenancy and complying with the financial constraints faced by voucher recipients.
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.