Fair market rents · FY 2027 · effective October 1, 2026
Montana fair market rents, FY 2027
The 2-bedroom Fair Market Rent in the median Montana county is $1,310 a month for FY 2027, from $1,014 to $2,109 across the state. The typical county moved +0.2% from FY 2026 and +62.7% over five years; weighted by population, the state average moved +0.3%. The most populous HUD area, Billings, MT, is at $1,432 for a 2-bedroom.
FMRs are HUD's estimate of the 40th percentile gross rent (rent plus utilities) paid by recent movers into standard-quality units. Housing agencies set voucher payment standards from them. Source: HUD FY 2027 FMR file, 91 FR 56156 (published September 1, 2026). This site is not HUD.
| FY | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2BR | $773 | $837 | $826 | $877 | $917 | $907 | $989 | $1,062 | $1,478 | $1,525 | $1,529 |
Every HUD rent area in Montana, FY 2027
55 HUD FMR areas cover 56 counties; 9 are metro areas. Monthly gross rent by bedroom count. The trend line is the 2-bedroom FMR from FY 2017 to FY 2027 for the most populous member.
Biggest one-year move up: Phillips County, MT, +4.2%. Biggest move down: Bozeman, MT, −2.1%. HUD caps a one-year drop at 10%.
| HUD area | Studio | 1BR | 2BR | 3BR | 4BR | 1 yr | 5 yr | FY17 to FY27 |
|---|---|---|---|---|---|---|---|---|
| Beaverhead County | 821 | 987 | 1,074 | 1,487 | 1,795 | +0.2% | +41.9% | |
| Big Horn County | 998 | 1,007 | 1,306 | 1,795 | 2,183 | +0.3% | +64.5% | |
| BillingsCarbon, Yellowstone | 1,003 | 1,132 | 1,432 | 1,983 | 2,261 | +1.1% | +49.2% | |
| Blaine County | 907 | 932 | 1,187 | 1,433 | 1,950 | +0.3% | +56.8% | |
| Bozeman | 1,469 | 1,612 | 2,109 | 2,920 | 3,487 | −2.1% | +95.6% | |
| Broadwater County | 1,222 | 1,612 | 1,755 | 2,258 | 2,571 | +0.4% | +118.8% | |
| Carter County | 953 | 953 | 1,247 | 1,486 | 2,048 | +0.2% | +64.7% | |
| Chouteau County | 1,001 | 1,001 | 1,310 | 1,814 | 1,964 | +0.2% | +66.0% | |
| Custer County | 1,160 | 1,232 | 1,612 | 2,195 | 2,471 | +0.2% | +91.4% | |
| Daniels County | 784 | 903 | 1,026 | 1,421 | 1,685 | +0.3% | +35.5% | |
| Dawson County | 961 | 961 | 1,257 | 1,587 | 2,065 | +0.2% | +36.6% | |
| Deer Lodge County | 827 | 973 | 1,082 | 1,498 | 1,809 | +0.2% | +42.9% | |
| Fallon County | 1,073 | 1,102 | 1,404 | 1,944 | 2,306 | +0.2% | +62.5% | |
| Fergus County | 1,108 | 1,108 | 1,450 | 1,995 | 2,382 | +0.3% | +74.5% | |
| Flathead County | 1,277 | 1,286 | 1,682 | 2,263 | 2,626 | −0.5% | +82.8% | |
| Garfield County | 842 | 864 | 1,101 | 1,442 | 1,809 | +0.2% | +45.4% | |
| Glacier County | 977 | 1,174 | 1,278 | 1,523 | 1,827 | +0.2% | +68.8% | |
| Golden Valley County | 1,026 | 1,053 | 1,342 | 1,858 | 2,204 | +0.2% | +72.5% | |
| Granite County | 806 | 828 | 1,055 | 1,461 | 1,733 | +0.2% | +39.4% | |
| Great Falls | 993 | 1,000 | 1,308 | 1,811 | 1,988 | +1.9% | +54.1% | |
| Hill County | 1,001 | 1,077 | 1,310 | 1,814 | 1,925 | +0.2% | +70.8% | |
| Jefferson County | 982 | 1,078 | 1,410 | 1,847 | 1,854 | +0.4% | +61.3% | |
| Judith Basin County | 888 | 912 | 1,162 | 1,609 | 1,909 | +0.2% | +53.5% | |
| Lake County | 1,116 | 1,123 | 1,448 | 1,821 | 2,046 | +0.3% | +80.1% | |
| Lewis and Clark County | 1,151 | 1,320 | 1,653 | 2,289 | 2,392 | +0.4% | +79.1% | |
| Liberty County | 792 | 813 | 1,036 | 1,435 | 1,702 | +0.2% | +36.9% | |
| Lincoln County | 1,034 | 1,078 | 1,173 | 1,624 | 1,927 | +0.3% | +55.0% | |
| Madison County | 1,179 | 1,211 | 1,543 | 2,115 | 2,579 | +0.2% | +70.9% | |
| McCone County | 1,186 | 1,218 | 1,552 | 2,149 | 2,549 | +0.3% | +105.0% | |
| Meagher County | 1,067 | 1,096 | 1,396 | 1,933 | 2,293 | +0.2% | +84.4% | |
| Mineral County | 968 | 1,173 | 1,390 | 1,679 | 1,854 | +2.1% | +83.6% | |
| Missoula | 1,177 | 1,433 | 1,690 | 2,340 | 2,825 | +2.1% | +65.7% | |
| Musselshell County | 1,030 | 1,238 | 1,348 | 1,867 | 2,214 | +0.3% | +56.4% | |
| Park County | 1,120 | 1,373 | 1,608 | 2,209 | 2,688 | +0.2% | +68.0% | |
| Petroleum County | 1,186 | 1,218 | 1,552 | 2,149 | 2,549 | +0.3% | +79.6% | |
| Phillips County | 775 | 931 | 1,014 | 1,404 | 1,666 | +4.2% | +33.9% | |
| Pondera County | 961 | 1,030 | 1,257 | 1,705 | 2,023 | +0.2% | +66.1% | |
| Powder River County | 786 | 807 | 1,028 | 1,423 | 1,689 | +0.3% | +35.8% | |
| Powell County | 868 | 1,044 | 1,136 | 1,573 | 1,866 | +0.3% | +50.1% | |
| Prairie County | 1,186 | 1,218 | 1,552 | 2,149 | 2,549 | +0.3% | +79.6% | |
| Ravalli County | 1,091 | 1,166 | 1,426 | 1,971 | 2,383 | +0.2% | +78.0% | |
| Richland County | 1,160 | 1,176 | 1,315 | 1,567 | 2,198 | +0.2% | +47.8% | |
| Roosevelt County | 917 | 923 | 1,203 | 1,433 | 1,976 | +0.2% | +53.8% | |
| Rosebud County | 909 | 971 | 1,189 | 1,646 | 1,987 | +0.3% | +57.1% | |
| Sanders County | 778 | 854 | 1,117 | 1,331 | 1,835 | +0.2% | +47.6% | |
| Sheridan County | 928 | 928 | 1,214 | 1,681 | 1,994 | +0.2% | +48.8% | |
| Silver Bow County | 1,076 | 1,176 | 1,417 | 1,962 | 2,325 | +0.2% | +70.9% | |
| Stillwater County | 885 | 972 | 1,271 | 1,760 | 2,124 | +1.1% | +48.8% | |
| Sweet Grass County | 901 | 925 | 1,179 | 1,544 | 1,550 | +0.3% | +50.8% | |
| Teton County | 1,042 | 1,205 | 1,363 | 1,887 | 2,278 | +0.2% | +80.1% | |
| Toole County | 892 | 947 | 1,233 | 1,629 | 1,769 | +0.2% | +62.9% | |
| Treasure County | 1,186 | 1,218 | 1,552 | 2,149 | 2,549 | +0.3% | +79.6% | |
| Valley County | 919 | 1,023 | 1,202 | 1,664 | 1,844 | +0.2% | +58.8% | |
| Wheatland County | 855 | 878 | 1,119 | 1,549 | 1,838 | +0.2% | +47.8% | |
| Wibaux County | 1,186 | 1,218 | 1,552 | 2,149 | 2,549 | +0.3% | +79.6% |
Dollars per month, FY 2027 file as published September 1, 2026; rows marked R show FY 2026. "1 yr" compares the FY 2027 2BR with FY 2026, "5 yr" with FY 2022. HUD's methods changed over these years, so part of any move is method, not market. Area names are HUD's.
Look up a ZIP code
Get one email when HUD's next rents are out
We'll write once when HUD publishes FY 2028 Fair Market Rents, or revised FY 2027 figures, for your ZIP's HUD area in Montana. HUD's FY 2028 starts October 1, 2027.
Using these numbers on a rental
The FMR sets the range for voucher payments; it is not a rent estimate for your unit. A housing agency picks a payment standard between 90% and 110% of it, then checks your asking rent against similar unassisted units nearby. Both figures cover rent plus utilities, so the agency's allowance for any utilities the tenant pays comes off the top.
Take a 2-bedroom at $1,310, a payment standard at 100% of FMR, and a $150 utility allowance (an example; each agency publishes its own schedule). Then the voucher can cover a contract rent of up to $1,160 ($1,310 minus $150), with the tenant paying the usual 30% of income. How to underwrite with FMR works through the rest.