Location: Lake County, MT | Metro: Missoula, MT HUD Metro FMR Area
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 | $1,150 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $628,250 | 0.24% | F |
| 3BR | $2,080 | $806,743 | 0.26% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 59826, located in Condon, MT, within the Lake County, MT metro area, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1200 for the fiscal year 2024 contrasts sharply with the market rent reported by the Census ACS at $890. This discrepancy suggests that landlords may struggle to justify higher rents based on current market conditions.
Acquisition in this ZIP code is not particularly affordable. The median home value stands at $657,164, which is a significant investment. Unfortunately, the data on days on market (DOM) and the percentage of homes requiring price cuts is not available, making it difficult to assess how quickly properties can be sold or if they require adjustments to their asking price to attract buyers.
Tenant demand is limited in ZIP 59826. With a total population of 518, only 11.0% of residents are renters. This low renter share indicates a smaller pool of potential tenants, which could lead to challenges in filling vacancies and maintaining consistent rental income.
Verdict: ZIP 59826 presents a challenging environment for landlords and small-portfolio investors. The gap between the FMR of $1200 and the actual market rent of $890 suggests that achieving profitable rental yields will be difficult. Additionally, the high median home value of $657,164, combined with an unclear picture of acquisition affordability due to missing DOM and price-cut data, points to a less favorable market for property purchases. Lastly, the low renter share of 11.0% among a small population of 518 implies limited tenant demand, further complicating the ability to sustain a successful rental business in this area.
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.