Location: Lake County, MT | Metro: Lake County, MT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 59863 presents an interesting scenario when viewed from the renter's perspective. Given the median household income of $78,922, it is critical to assess whether residents can afford the current market rate for rentals. Unfortunately, the market rate is listed as N/A, which means there isn't sufficient data to determine the typical rent prices in this area.
However, we can analyze the situation using the Fair Market Rent (FMR) standards for housing vouchers, which stands at $1,370 per month for the metro area in fiscal year 2026. This figure represents the government's benchmark for what is considered affordable rent based on the local market conditions. For a household earning the median income of $78,922 annually, or approximately $6,577 monthly, the FMR of $1,370 would represent a significant portion of their income but remains within a reasonable threshold for affordability.
The ZIP code has a very low percentage of renters, at just 0.0%, indicating that the vast majority of the 146 residents own their homes. This suggests that the competition among landlords for tenants might be limited, as the demand for rental properties is quite low. The affordability gap, therefore, doesn't seem to be a pressing issue for most potential renters in this area, given the FMR and median income levels.
For landlords considering whether to accept housing vouchers or focus on cash-paying tenants, the low number of renters implies that securing any tenant—whether through a voucher program or otherwise—could be challenging. Accepting vouchers could provide a steady stream of income, albeit at the FMR level, while focusing on cash-paying tenants might allow for higher rents but comes with the risk of having fewer prospective renters overall. Landlords should weigh the benefits of guaranteed payments from vouchers against the potentially lower occupancy rates and the challenge of attracting cash-paying tenants in a predominantly owner-occupied market.
The takeaway is clear: landlords in ZIP code 59863 must consider the limited rental market and the importance of vouchers in ensuring a stable tenant base. While the median income supports the ability to pay the FMR, the low percentage of renters means that competition for tenants will be minimal. Thus, accepting vouchers can be a strategic move to ensure property occupancy and financial stability.
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.