Location: Bozeman, MT | Metro: Bozeman, 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 | $1,430 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,570 | $388,115 | 0.4% | F |
| 2BR | $2,050 | $438,485 | 0.47% | F |
| 3BR | $2,840 | $522,734 | 0.54% | F |
| 4BR | $3,390 | $644,175 | 0.53% | F |
| 5BR | $3,932 | $749,409 | 0.52% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 59714, located in Belgrade, MT, within the Bozeman, MT MSA metro area, does not align perfectly with the federal guidelines. The Fair Market Rent (FMR) for the fiscal year 2026 is set at $2,030, while the actual market rent, as measured by the Zillow Observed Rental Index (ZORI), stands at $2,150. This discrepancy suggests that landlords can expect to charge slightly above the FMR, indicating a robust local rental market.
Acquisition costs remain within reasonable bounds for potential investors. The median home value is $548,843, which is relatively stable given the 46-day days on market (DOM) and a low 0.2% share of homes that have been subject to price cuts. These figures imply that the housing market is steady and that acquiring properties is feasible without excessive risk.
Tenant demand is evident in the area, with a total population of 24,282 and 29.5% of residents being renters. This significant renter share points to a healthy pool of potential tenants, ensuring that landlords can maintain occupancy rates and generate consistent income.
In summary, ZIP code 59714 offers a balanced environment for real estate investment. While the market rent exceeds the FMR, the stability of home values and the presence of a substantial number of renters make it a viable option for landlords and small-portfolio investors. The data supports an optimistic outlook for those looking to enter or expand their holdings in this market.
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.