Montana (MT)

STATESAFMR

Found 396 ZIPs

State Median Investment Score

62Below average

095130300

BR	Rent	3Y CAGR
0 BR	$775 - $1,469Median: $1,001	13.5%
1 BR	$807 - $1,612Median: $1,078	13.2%
2 BR	$1,014 - $2,109Median: $1,315	12.0%
3 BR	$1,331 - $2,920Median: $1,814	12.5%
4 BR	$1,550 - $3,487Median: $2,065	12.1%

Market Alignment

Studio

Studio- 6 ZIPs

0.44-0.64ratio range

Median FMR$1,104

Median Market$1,900

vs market-$797

FMR is below market; voucher rent may lag private rents.

Studio- 2 ZIPs

0.67-0.68ratio range

Median FMR$1,091

Median Market$1,620

vs market-$529

FMR is below market; voucher rent may lag private rents.

Studio- 2 ZIPs

0.71ratio range

Median FMR$1,469

Median Market$2,060

vs market-$591

FMR is below market; voucher rent may lag private rents.

Studio- 5 ZIPs

0.74-0.76ratio range

Median FMR$1,116

Median Market$1,480

vs market-$364

FMR is below market; voucher rent may lag private rents.

Studio- 4 ZIPs

0.80-0.81ratio range

Median FMR$1,077

Median Market$1,345

vs market-$268

FMR is below market; voucher rent may lag private rents.

Studio- 2 ZIPs

0.83-0.86ratio range

Median FMR$1,135

Median Market$1,345

vs market-$210

FMR is below market; voucher rent may lag private rents.

Studio- 8 ZIPs

0.86-0.90ratio range

Median FMR$1,177

Median Market$1,340

vs market-$163

FMR is below market; voucher rent may lag private rents.

Studio- 1 ZIP

0.91ratio

FMR$1,116

Market$1,220

vs market-$104

FMR is near market; voucher and private rents are aligned.

Studio- 5 ZIPs

0.95-0.97ratio range

Median FMR$1,151

Median Market$1,190

vs market-$39

FMR is near market; voucher and private rents are aligned.

Studio- 2 ZIPs

1.05-1.06ratio range

Median FMR$1,177

Median Market$1,115

vs market+$62

FMR is near market; voucher and private rents are aligned.

Studio- 4 ZIPs

1.08-1.10ratio range

Median FMR$1,164

Median Market$1,070

vs market+$94

FMR is near market; voucher and private rents are aligned.

Studio- 2 ZIPs

1.11-1.12ratio range

Median FMR$1,085

Median Market$975

vs market+$110

FMR is above market; underwrite to market rent.

Studio- 2 ZIPs

1.17-1.19ratio range

Median FMR$1,092

Median Market$925

vs market+$167

FMR is above market; underwrite to market rent.

Studio- 1 ZIP

1.25ratio

FMR$1,177

Market$940

vs market+$237

FMR is above market; underwrite to market rent.

Studio- 1 ZIP

1.40ratio

FMR$1,160

Market$830

vs market+$330

FMR is above market; underwrite to market rent.

0.44-1.40

1 BR

1 BR- 4 ZIPs

0.59-0.62ratio range

Median FMR$1,128

Median Market$1,895

vs market-$768

FMR is below market; voucher rent may lag private rents.

1 BR- 2 ZIPs

0.65-0.67ratio range

Median FMR$1,226

Median Market$1,855

vs market-$629

FMR is below market; voucher rent may lag private rents.

1 BR- 1 ZIP

0.72ratio

FMR$1,000

Market$1,380

vs market-$380

FMR is below market; voucher rent may lag private rents.

1 BR- 3 ZIPs

0.73-0.76ratio range

Median FMR$1,286

Median Market$1,730

vs market-$444

FMR is below market; voucher rent may lag private rents.

1 BR- 5 ZIPs

0.78-0.80ratio range

Median FMR$1,166

Median Market$1,450

vs market-$284

FMR is below market; voucher rent may lag private rents.

1 BR- 4 ZIPs

0.82-0.86ratio range

Median FMR$1,286

Median Market$1,550

vs market-$264

FMR is below market; voucher rent may lag private rents.

1 BR- 7 ZIPs

0.86-0.90ratio range

Median FMR$1,286

Median Market$1,480

vs market-$194

FMR is below market; voucher rent may lag private rents.

1 BR- 7 ZIPs

0.90-0.94ratio range

Median FMR$1,320

Median Market$1,430

vs market-$110

FMR is near market; voucher and private rents are aligned.

1 BR- 4 ZIPs

0.95-0.98ratio range

Median FMR$1,303

Median Market$1,365

vs market-$62

FMR is near market; voucher and private rents are aligned.

1 BR- 3 ZIPs

0.99-1.01ratio range

Median FMR$1,433

Median Market$1,430

vs market+$3

FMR is near market; voucher and private rents are aligned.

1 BR- 1 ZIP

1.06ratio

FMR$1,132

Market$1,070

vs market+$62

FMR is near market; voucher and private rents are aligned.

1 BR- 1 ZIP

1.10ratio

FMR$932

Market$850

vs market+$82

FMR is near market; voucher and private rents are aligned.

1 BR- 1 ZIP

1.13ratio

FMR$1,433

Market$1,270

vs market+$163

FMR is above market; underwrite to market rent.

1 BR- 1 ZIP

1.17ratio

FMR$1,433

Market$1,220

vs market+$213

FMR is above market; underwrite to market rent.

1 BR- 1 ZIP

1.21ratio

FMR$1,433

Market$1,180

vs market+$253

FMR is above market; underwrite to market rent.

1 BR- 1 ZIP

1.29ratio

FMR$1,433

Market$1,110

vs market+$323

FMR is above market; underwrite to market rent.

1 BR- 1 ZIP

1.54ratio

FMR$1,232

Market$800

vs market+$432

FMR is above market; underwrite to market rent.

0.59-1.54

2 BR

2 BR- 1 ZIP

0.48ratio

FMR$1,543

Market$3,230

vs market-$1,687

FMR is below market; voucher rent may lag private rents.

2 BR- 4 ZIPs

0.69-0.70ratio range

Median FMR$1,440

Median Market$2,065

vs market-$625

FMR is below market; voucher rent may lag private rents.

2 BR- 2 ZIPs

0.75-0.76ratio range

Median FMR$1,418

Median Market$1,885

vs market-$467

FMR is below market; voucher rent may lag private rents.

2 BR- 4 ZIPs

0.82-0.85ratio range

Median FMR$1,682

Median Market$2,010

vs market-$328

FMR is below market; voucher rent may lag private rents.

2 BR- 5 ZIPs

0.86-0.89ratio range

Median FMR$1,448

Median Market$1,680

vs market-$232

FMR is below market; voucher rent may lag private rents.

2 BR- 11 ZIPs

0.91-0.94ratio range

Median FMR$1,653

Median Market$1,790

vs market-$137

FMR is near market; voucher and private rents are aligned.

2 BR- 9 ZIPs

0.94-0.97ratio range

Median FMR$1,653

Median Market$1,730

vs market-$77

FMR is near market; voucher and private rents are aligned.

2 BR- 3 ZIPs

0.98-1.02ratio range

Median FMR$1,682

Median Market$1,670

vs market+$12

FMR is near market; voucher and private rents are aligned.

2 BR- 4 ZIPs

1.03-1.05ratio range

Median FMR$1,425

Median Market$1,370

vs market+$55

FMR is near market; voucher and private rents are aligned.

2 BR- 1 ZIP

1.06ratio

FMR$1,690

Market$1,590

vs market+$100

FMR is near market; voucher and private rents are aligned.

2 BR- 2 ZIPs

1.10-1.13ratio range

Median FMR$1,771

Median Market$1,585

vs market+$186

FMR is above market; underwrite to market rent.

2 BR- 1 ZIP

1.22ratio

FMR$1,187

Market$970

vs market+$217

FMR is above market; underwrite to market rent.

2 BR- 1 ZIP

1.90ratio

FMR$1,612

Market$850

vs market+$762

FMR is above market; underwrite to market rent.

0.48-1.90

3 BR

3 BR- 1 ZIP

0.54ratio

FMR$2,115

Market$3,900

vs market-$1,785

FMR is below market; voucher rent may lag private rents.

3 BR- 2 ZIPs

0.77-0.78ratio range

Median FMR$1,902

Median Market$2,445

vs market-$543

FMR is below market; voucher rent may lag private rents.

3 BR- 2 ZIPs

0.83-0.84ratio range

Median FMR$2,042

Median Market$2,450

vs market-$408

FMR is below market; voucher rent may lag private rents.

3 BR- 3 ZIPs

0.87-0.89ratio range

Median FMR$2,263

Median Market$2,540

vs market-$277

FMR is below market; voucher rent may lag private rents.

3 BR- 3 ZIPs

0.90-0.93ratio range

Median FMR$1,971

Median Market$2,150

vs market-$179

FMR is near market; voucher and private rents are aligned.

3 BR- 5 ZIPs

0.94-0.98ratio range

Median FMR$2,340

Median Market$2,400

vs market-$60

FMR is near market; voucher and private rents are aligned.

3 BR- 6 ZIPs

1.00-1.01ratio range

Median FMR$2,276

Median Market$2,265

vs market+$11

FMR is near market; voucher and private rents are aligned.

3 BR- 8 ZIPs

1.02-1.05ratio range

Median FMR$2,123

Median Market$2,050

vs market+$73

FMR is near market; voucher and private rents are aligned.

3 BR- 9 ZIPs

1.06-1.10ratio range

Median FMR$2,289

Median Market$2,130

vs market+$159

FMR is near market; voucher and private rents are aligned.

3 BR- 2 ZIPs

1.12-1.14ratio range

Median FMR$2,113

Median Market$1,870

vs market+$243

FMR is above market; underwrite to market rent.

3 BR- 2 ZIPs

1.15-1.19ratio range

Median FMR$2,452

Median Market$2,090

vs market+$362

FMR is above market; underwrite to market rent.

3 BR- 3 ZIPs

1.20-1.24ratio range

Median FMR$1,962

Median Market$1,580

vs market+$382

FMR is above market; underwrite to market rent.

3 BR- 1 ZIP

1.26ratio

FMR$1,983

Market$1,580

vs market+$403

FMR is above market; underwrite to market rent.

3 BR- 1 ZIP

2.47ratio

FMR$2,195

Market$890

vs market+$1,305

FMR is above market; underwrite to market rent.

0.54-2.47

4 BR

4 BR- 2 ZIPs

0.72-0.73ratio range

Median FMR$2,603

Median Market$3,590

vs market-$988

FMR is below market; voucher rent may lag private rents.

4 BR- 4 ZIPs

0.83-0.86ratio range

Median FMR$2,017

Median Market$2,395

vs market-$378

FMR is below market; voucher rent may lag private rents.

4 BR- 5 ZIPs

0.87-0.89ratio range

Median FMR$1,988

Median Market$2,280

vs market-$292

FMR is below market; voucher rent may lag private rents.

4 BR- 3 ZIPs

0.90-0.93ratio range

Median FMR$2,046

Median Market$2,270

vs market-$224

FMR is near market; voucher and private rents are aligned.

4 BR- 3 ZIPs

0.96-0.98ratio range

Median FMR$2,392

Median Market$2,450

vs market-$58

FMR is near market; voucher and private rents are aligned.

4 BR- 5 ZIPs

0.98-1.02ratio range

Median FMR$2,392

Median Market$2,380

vs market+$12

FMR is near market; voucher and private rents are aligned.

4 BR- 2 ZIPs

1.02-1.04ratio range

Median FMR$2,940

Median Market$2,850

vs market+$90

FMR is near market; voucher and private rents are aligned.

4 BR- 1 ZIP

1.06ratio

FMR$3,487

Market$3,280

vs market+$207

FMR is near market; voucher and private rents are aligned.

4 BR- 12 ZIPs

1.10-1.15ratio range

Median FMR$2,726

Median Market$2,430

vs market+$296

FMR is above market; underwrite to market rent.

4 BR- 4 ZIPs

1.15-1.19ratio range

Median FMR$2,505

Median Market$2,110

vs market+$395

FMR is above market; underwrite to market rent.

4 BR- 1 ZIP

1.23ratio

FMR$2,626

Market$2,130

vs market+$496

FMR is above market; underwrite to market rent.

4 BR- 1 ZIP

1.33ratio

FMR$2,825

Market$2,130

vs market+$695

FMR is above market; underwrite to market rent.

4 BR- 5 ZIPs

1.35-2.23ratio range

Median FMR$2,325

Median Market$1,640

vs market+$685

FMR is above market; underwrite to market rent.

0.72-2.23

0.700.800.901.001.101.201.30aligned range

Bedroom curve

Rankings

Market Explorer

Counties, cities, and ZIPs in Montana.

Browse rankings

Trends

Market trends

HUD rent changes, rent against home values, and where it cash-flows.

View insights

Counties

Ranked by Investment Score (vs state median)

11Golden Valley County

17Powder River County

28Judith Basin County

40Lewis and Clark County

County map

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Montana fair market rent by county, FY 2027

HUD's FY 2027 fair market rents cover 56 counties in Montana. The median county two-bedroom FMR is $1,310. That is up 0.2% from $1,307 in FY 2026. Two-bedroom FMRs run from $1,014 in Phillips County to $2,109 in Gallatin County. 9 HUD metropolitan FMR areas cover 10 of those counties; each county in the same metro area shares one FMR. No area in Montana is required to use Small Area FMRs.

Two-bedroom FMR by county

FY 2027 two-bedroom fair market rent by county in Montana
County	2BR	Change	HUD FMR area
Gallatin County	$2,109	−2.1%	Bozeman, MT MSA
Broadwater County	$1,755	+0.4%	Broadwater County, MT HUD Metro FMR Area
Missoula County	$1,690	+2.1%	Missoula, MT HUD Metro FMR Area
Flathead County	$1,682	−0.5%	Non-metro
Lewis and Clark County	$1,653	+0.4%	Lewis and Clark County, MT HUD Metro FMR Area
Custer County	$1,612	+0.2%	Non-metro
Park County	$1,608	+0.2%	Non-metro
McCone County	$1,552	+0.3%	Non-metro
Petroleum County	$1,552	+0.3%	Non-metro
Prairie County	$1,552	+0.3%	Non-metro
Treasure County	$1,552	+0.3%	Non-metro
Wibaux County	$1,552	+0.3%	Non-metro
Madison County	$1,543	+0.2%	Non-metro
Fergus County	$1,450	+0.3%	Non-metro
Lake County	$1,448	+0.3%	Non-metro
Carbon County	$1,432	+1.1%	Billings, MT HUD Metro FMR Area
Yellowstone County	$1,432	+1.1%	Billings, MT HUD Metro FMR Area
Ravalli County	$1,426	+0.2%	Non-metro
Silver Bow County	$1,417	+0.2%	Non-metro
Jefferson County	$1,410	+0.4%	Jefferson County, MT HUD Metro FMR Area
Fallon County	$1,404	+0.2%	Non-metro
Meagher County	$1,396	+0.2%	Non-metro
Mineral County	$1,390	+2.1%	Mineral County, MT HUD Metro FMR Area
Teton County	$1,363	+0.2%	Non-metro
Musselshell County	$1,348	+0.3%	Non-metro
Golden Valley County	$1,342	+0.2%	Non-metro
Richland County	$1,315	+0.2%	Non-metro
Chouteau County	$1,310	+0.2%	Non-metro
Hill County	$1,310	+0.2%	Non-metro
Cascade County	$1,308	+1.9%	Great Falls, MT MSA
Big Horn County	$1,306	+0.3%	Non-metro
Glacier County	$1,278	+0.2%	Non-metro
Stillwater County	$1,271	+1.1%	Stillwater County, MT HUD Metro FMR Area
Dawson County	$1,257	+0.2%	Non-metro
Pondera County	$1,257	+0.2%	Non-metro
Carter County	$1,247	+0.2%	Non-metro
Toole County	$1,233	+0.2%	Non-metro
Sheridan County	$1,214	+0.2%	Non-metro
Roosevelt County	$1,203	+0.2%	Non-metro
Valley County	$1,202	+0.2%	Non-metro
Rosebud County	$1,189	+0.3%	Non-metro
Blaine County	$1,187	+0.3%	Non-metro
Sweet Grass County	$1,179	+0.3%	Non-metro
Lincoln County	$1,173	+0.3%	Non-metro
Judith Basin County	$1,162	+0.2%	Non-metro
Powell County	$1,136	+0.3%	Non-metro
Wheatland County	$1,119	+0.2%	Non-metro
Sanders County	$1,117	+0.2%	Non-metro
Garfield County	$1,101	+0.2%	Non-metro
Deer Lodge County	$1,082	+0.2%	Non-metro
Beaverhead County	$1,074	+0.2%	Non-metro
Granite County	$1,055	+0.2%	Non-metro
Liberty County	$1,036	+0.2%	Non-metro
Powder River County	$1,028	+0.3%	Non-metro
Daniels County	$1,026	+0.3%	Non-metro
Phillips County	$1,014	+4.2%	Non-metro

HUD metro FMR areas

FY 2027 two-bedroom fair market rent by HUD metro area in Montana
Metro area	Counties	2BR
Bozeman, MT MSA	1	$2,109
Broadwater County, MT HUD Metro FMR Area	1	$1,755
Missoula, MT HUD Metro FMR Area	1	$1,690
Lewis and Clark County, MT HUD Metro FMR Area	1	$1,653
Billings, MT HUD Metro FMR Area	2	$1,432
Jefferson County, MT HUD Metro FMR Area	1	$1,410
Mineral County, MT HUD Metro FMR Area	1	$1,390
Great Falls, MT MSA	1	$1,308
Stillwater County, MT HUD Metro FMR Area	1	$1,271

Questions about Montana rents

What is the fair market rent in Montana?

HUD sets fair market rents by metro area and county, not statewide. For FY 2027 the median county two-bedroom FMR in Montana is $1,310. Look up the county or ZIP code to see the value that applies to a specific property.

Which Montana counties have the highest fair market rent?

For FY 2027, the highest two-bedroom FMRs are in Gallatin County ($2,109), Broadwater County ($1,755), Missoula County ($1,690).

Does Montana use Small Area Fair Market Rents?

No area in Montana is required to use them. Housing authorities use the metro or county FMR unless they choose to adopt Small Area FMRs.

Source: HUD FY 2027 Fair Market Rents. Change compares each county's two-bedroom FMR with FY 2026.

Montana counties Montana cities Montana ZIP codes What is FMR?

Data source: U.S. Department of Housing and Urban Development (HUD)

Fiscal Year 2027