Location: Madison County, MT | Metro: Madison County, MT
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 | $1,090 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,430 | $428,693 | 0.33% | F |
| 3BR | $1,960 | $542,991 | 0.36% | F |
| 4BR | $2,390 | $649,991 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 59749 in Sheridan, MT, within the Madison County, MT metro, has a Fair Market Rent (FMR) of $1,350 for fiscal year 2026, which is notably higher than the average market rent of $942. This suggests that 59749 is a premium sub-market within the county. The median home value in 59749 is $500,176, reflecting a robust local real estate market. However, only 13.2% of residents are renters, indicating a higher concentration of homeownership.
Comparatively, the average home value across Madison County, MT, is $748,296, while another source reports it at $609,866. These figures suggest that 59749’s home values are slightly below the county average but still quite high. Given the higher FMR and market rent figures, landlords can potentially charge higher rents in 59749 without exceeding federal guidelines, assuming the local economy supports these increases.
Typically, a Section 8 sweet spot would have a high renter share coupled with below-average home values. In 59749, the renter share is relatively low, and the home values are high, making it less aligned with traditional Section 8 metrics. Nonetheless, the higher FMR indicates that this ZIP code is positioned well for landlords looking to capitalize on a premium sub-market within the Madison County metro.
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.