Location: Lake County, MT | Metro: Lake 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 | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,300 | $493,823 | 0.26% | F |
| 3BR | $1,680 | $605,894 | 0.28% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 59824, Charlo, Montana, is set at $1,420 for the fiscal year 2026. This figure represents the payment standard for Section 8 housing vouchers, which means it's the maximum amount the government will pay on behalf of a tenant. However, it does not necessarily reflect the rent you can charge.
To put this into perspective, the average rent in Charlo, according to Census ACS data, is $846. This suggests that the FMR is significantly higher than the typical market rate, potentially offering a better financial deal for landlords participating in the Section 8 program.
In Charlo, 22.1% of residents are renters. This indicates there is a moderate demand for rental properties. If you're looking to acquire a property, the median home value is around $551,007, which can be a substantial investment. However, the Section 8 program can provide a steady income stream, making it a viable option for long-term investment.
Before deciding to participate in the Section 8 program with a rental property in Charlo, ensure the property meets the Housing Quality Standards (HQS). These standards cover essential aspects such as safety, sanitation, and structural integrity. A property that doesn't meet these criteria won't be eligible for the program, so verifying compliance is crucial.
The combination of a higher payment standard compared to local averages and a moderate renter population makes Section 8 an attractive option for landlords in Charlo. It offers a reliable source of income without the risk of vacancy or non-payment common in the private rental 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.