Location: Missoula, MT | Metro: Missoula, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
U.S. Census Bureau data (2024)
The median income in ZIP code 59851 stands at $18,883, which places significant constraints on households' ability to afford market-rate rents. Given the absence of specific market rate data for this area, it's crucial to consider the Federal Market Rent (FMR) standard set for voucher payments, which is $1,170 per month for ZIP 59851 in fiscal year 2024.
This FMR benchmark is a key indicator of rental affordability for low-income households. However, the limited number of renters—only 11.5% of the total 145 population—suggests a relatively small pool of potential tenants who might rely on vouchers. This could mean that landlords face less competition from other property owners when seeking tenants eligible for housing vouchers.
The affordability gap between the median income and the FMR highlights the financial challenges faced by many residents. Households must carefully manage their budgets to cover basic living expenses alongside rent. For landlords, this means that cash-paying tenants capable of affording higher rents may be scarce, making voucher tenants an important consideration.
In summary, landlords in ZIP 59851 should recognize the significance of housing vouchers due to the low median income and the limited number of renters. While the FMR of $1,170 sets a baseline for affordable rents, the scarcity of cash-paying tenants suggests that accepting vouchers can be a strategic move to ensure steady occupancy and avoid vacancies. Landlords should weigh the benefits of voucher stability against the potentially lower rents offered by cash-paying tenants in this market.
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.