FMR is near market; voucher and private rents are aligned.
1.06
1 BR
1 BR
0.98ratio
FMR$1,180
Market$1,200
vs market-$20
FMR is near market; voucher and private rents are aligned.
0.98
2 BR
2 BR
1.03ratio
FMR$1,420
Market$1,380
vs market+$40
FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
1.13ratio
FMR$1,970
Market$1,750
vs market+$220
FMR is above market; underwrite to market rent.
1.13
4 BR
4 BR
1.11ratio
FMR$2,330
Market$2,100
vs market+$230
FMR is above market; underwrite to market rent.
1.11
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 59703 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 59703 (Butte, MT) is $1,420 a month. That is up 0.7% from $1,410 in FY 2026. Butte is in the Silver Bow County, MT non-metropolitan 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 county-wide two-bedroom FMR of $1,417. Among 10 ZIP codes in Silver Bow County, 59703 is tied for the highest two-bedroom rent (county range $1,280–$1,420). The median county two-bedroom FMR in Montana is $1,310, so ZIP 59703 is 8% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 59703
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,020
$1,080
+5.9%
$972–$1,188
1BR
$1,150
$1,180
+2.6%
$1,062–$1,298
2BR
$1,410
$1,420
+0.7%
$1,278–$1,562
3BR
$1,960
$1,970
+0.5%
$1,773–$2,167
4BR
$2,170
$2,330
+7.4%
$2,097–$2,563
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 59703
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,080
$1,180
$1,420
$1,970
$2,330
FY 2026
$1,020
$1,150
$1,410
$1,960
$2,170
FY 2025
$940
$1,080
$1,370
$1,920
$2,190
FY 2024area FMR
$632
$723
$932
$1,240
$1,538
FY 2023area FMR
$606
$699
$902
$1,098
$1,457
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Silver Bow County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 59703?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,417, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,275 to $1,559 a month; under the ZIP-level Small Area FMR of $1,420 it would be $1,278 to $1,562. 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 59703 in?
ZIP 59703 is in the Silver Bow County, MT non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,417.
How much did fair market rent change in ZIP 59703 for FY 2027?
The two-bedroom FMR rose 0.7%, from $1,410 in FY 2026 to $1,420 in FY 2027. Since FY 2025 it has risen 3.6%.
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