Location: Lake County, MT | Metro: Lake County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 59855 stands out due to its unique mix of low population density and relatively high median home values compared to the median income of its residents. With only 419 residents, this area is sparsely populated, yet it boasts a median home value of $277,205. The median income here is $32,688, indicating a significant disparity between income levels and housing costs. A substantial portion of the residents, 43.3%, rent their homes, suggesting a notable rental market presence.
In terms of voucher economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,310. This contrasts sharply with the actual market rent of $631, as reported by the Census Bureau's American Community Survey (ACS). This difference presents an opportunity for landlords who accept Section 8 vouchers, as they can potentially receive higher rents through the voucher program than the current market rate allows.
The data signature for ZIP 59855 reads as transitional. The high median home values coupled with a lower median income suggest that the area may be experiencing changes in its economic landscape, possibly due to recent developments or shifts in local demographics. The rental market, driven by a significant portion of renters and the potential for increased rental income through Section 8 vouchers, could be indicative of a growing need for affordable housing options in the area. Landlords and small-portfolio investors should consider these factors when evaluating the potential for long-term stability or growth in this ZIP code.
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.