Location: Madison County, MT | Metro: Jefferson County, MT HUD Metro FMR Area
| 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 59721 presents a modest tenant pool for Section 8 housing, with a total population of 423 individuals. Only 25.3% of this population are renters, indicating that it is not a renter-heavy area. The median household income stands at $94,167, which is relatively high compared to the national average. This suggests that while there is some demand for rental properties, it is likely not as robust as in areas with higher percentages of renters.
In terms of affordability, the market rent of $877 represents approximately 11.5% of the median household income. This figure is derived by dividing the monthly rent by the annual income ($877 / $94,167 * 12 months). Given that the Fair Market Rent (FMR) for the area is set at $1,350 for FY 2026, landlords can see that the current market rent is below the FMR, which could indicate a competitive rental market with some flexibility on pricing.
The kind of tenant profile landlords should expect in ZIP 59721 includes individuals who may be seeking affordable housing options but also have access to resources beyond just Section 8 vouchers. Due to the higher median income, tenants might also have additional financial support from other sources such as employment or savings. However, the percentage of renters being under 30% implies that landlords will need to carefully assess their property's appeal to ensure they attract and retain tenants.
To conclude, while there is a presence of Section 8 voucher holders in ZIP 59721, it is not a predominantly renter-heavy area. Landlords should prepare for a mix of tenants, some relying heavily on vouchers and others possibly supplementing their rent payments with personal funds. The lower market rent compared to the FMR offers a margin of negotiation for landlords, but the competition for renters may still require attention to property maintenance and management practices.
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.