Location: Granite County, MT | Metro: Granite County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 59837 presents a complex landscape for both tenants and landlords. Given the median income of $50,769, it's crucial to examine how this figure aligns with the local housing costs. Unfortunately, the market rate for rentals is listed as N/A, which suggests limited data on current market prices. However, we can draw some insights based on the available information.
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,210. This figure represents the average monthly rent that a household receiving a housing voucher might expect to pay. For context, the ZIP code has a total population of 639, with 22.9% of residents being renters. This means there are approximately 146 renter households in the area.
To understand the affordability gap, let's consider the median income. A household earning $50,769 per year would have a monthly income of roughly $4,230. Assuming the commonly accepted guideline that no more than 30% of income should be spent on housing, this household could afford a rent of up to $1,270 per month. The FMR of $1,210 falls just under this threshold, indicating that while it is affordable, there is little room for error or additional expenses.
The lack of data on market rates makes it challenging to assess the full picture of affordability. However, if the market rate were significantly higher than the FMR, it would suggest a substantial affordability gap for low-income households. In such a scenario, landlords who accept vouchers would face less competition compared to those relying solely on cash-paying tenants.
The takeaway for landlords is that accepting vouchers can be a strategic move, especially given the potential affordability issues for many renters. While voucher payments may be lower than market rates, they provide a steady and reliable income stream. Landlords should weigh the benefits of reduced vacancy rates against the potential for slightly lower rents when deciding on their strategy.
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.