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Yellowstone County/Billings/59106

59106

ZIPSAFMR
Yellowstone County, MT
Zillow

ZIP Investment Score

66Below average

095130300
BRFMR
Eff. Rent
0 BR$1,250$1,380
1 BR$1,410$1,550
2 BR$1,780$1,960
3 BR$2,460$2,510
4 BR$2,810$2,740
5 BR$3,231Not available
6 BR$3,716Not available
7 BR$4,274Not available
8 BR$4,915Not available

Purchase Price Calculator

Maximum purchase price
$229,339

Cost breakdown

+Likely effective rent$1,960
HUD FMR$1,780
Market rent$2,070
Est. payment standard (110%)Used$1,960
-Principal and interest-$1,160
Loan amount$183,471
Down payment$45,868
Rate6.50%
Term30 years
-Operating costs-$600
Property taxes-$229
Insurance-$175
Utilities$0
HOA$0
Management-$196
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,407(68.5% ROI)
Projected value
$246,973
Return breakdown
Property appreciation+$17,634
Loan principal paid down+$6,573
Rental cash flow+$7,200
5-year hold
+$53,859(117.4% ROI)
Projected value
$259,476
Return breakdown
Property appreciation+$30,137
Loan principal paid down+$11,722
Rental cash flow+$12,000
10-year hold
+$116,166(253.3% ROI)
Projected value
$293,573
Return breakdown
Property appreciation+$64,234
Loan principal paid down+$27,931
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.58
1 BR
0.74
2 BR
0.86
3 BR
0.97
4 BR
1.03
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 59106 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 59106 (Billings, MT) is $1,780 a month. That is up 2.9% from $1,730 in FY 2026. Billings is in the Billings, MT HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,432. Among 20 ZIP codes in Yellowstone County, 59106 has the 2nd-highest two-bedroom rent (county range $1,280–$2,060). The median county two-bedroom FMR in Montana is $1,310, so ZIP 59106 is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 59106
BedroomsFY 2027Change90–110% range
Studio$1,250+0.8%$1,125–$1,375
1BR$1,410+4.4%$1,269–$1,551
2BR$1,780+2.9%$1,602–$1,958
3BR$2,460+3.4%$2,214–$2,706
4BR$2,810+3.7%$2,529–$3,091

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 59106
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,250$1,410$1,780$2,460$2,810
FY 2026$1,240$1,350$1,730$2,380$2,710
FY 2025$1,220$1,280$1,660$2,280$2,570
FY 2024$1,010$1,060$1,390$1,920$2,150
FY 2023$890$960$1,260$1,730$1,970

Two-bedroom rent in nearby Yellowstone County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 59106
59063$1,530−14.0%
59064$1,280−28.1%
59079$2,060+15.7%
59088$1,280−28.1%
59101$1,360−23.6%
59102$1,470−17.4%
59103$1,440−19.1%
59104$1,440−19.1%
59105$1,630−8.4%
59106Current$1,780—
59107$1,440−19.1%
59108$1,440−19.1%

Questions about ZIP 59106 rents

How much will Section 8 pay for a two-bedroom in ZIP 59106?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,432, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,289 to $1,575 a month; under the ZIP-level Small Area FMR of $1,780 it would be $1,602 to $1,958. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 59106 in?

ZIP 59106 is in the Billings, MT HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,432.

How much did fair market rent change in ZIP 59106 for FY 2027?

The two-bedroom FMR rose 2.9%, from $1,730 in FY 2026 to $1,780 in FY 2027. Since FY 2023 it has risen 41.3%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentBillings, MT fair market rentMT statewide rentsWhat is SAFMR?Data sources