Location: Madison County, 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 | $1,410 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,520 | $476,018 | 0.32% | F |
| 2BR | $1,980 | $558,028 | 0.35% | F |
| 3BR | $2,740 | $703,838 | 0.39% | F |
| 4BR | $3,280 | $902,741 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 59729, located in Ennis, MT within the Madison County, MT metro area, presents an interesting profile when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,880. In contrast, the market rent for ZIP 59729 stands at $1,330, which is significantly lower than the FMR, indicating that it is a more affordable option for tenants.
The median home value in ZIP 59729 is listed at $648,989. This figure is likely above average for the region, suggesting that homeownership in this ZIP code commands a higher price point. However, the rental market remains more accessible, with rents being notably less than the FMR.
A notable feature of ZIP 59729 is its 21.5% renter share, which is relatively high compared to the national average of around 36%, but still indicates a significant portion of residents are renters. Given the lower market rent relative to the FMR and the higher-than-average home value, this ZIP code could be considered a sweet spot for Section 8 landlords. It offers a balance where the rental income is supported by government subsidies, yet the underlying property values are strong, potentially leading to better long-term investment returns.
To further contextualize this analysis, let's examine how these figures might position ZIP 59729 within the broader Madison County, MT market:
The combination of a below-FMR market rent and a relatively high renter share points to ZIP 59729 as a potential value pocket for Section 8 investments. While the home values suggest a higher cost basis for property acquisition, the rental dynamics create an environment where the subsidy can help cover the costs effectively, leading to a balanced and potentially profitable investment scenario.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.