HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Gallatin County, Montana (FY 2027)
A two-bedroom in Gallatin County carries a FY 2027 Fair Market Rent of $2,109 a month, effective October 1, 2026 through September 30, 2027. Everything Section 8 pays in Gallatin keys off that figure.
Two-bedroom FMR
$2,109
-2.1% from FY 2026
Payment standard
$1,898–$2,320
90% to 110% of the FMR, two-bedroom
Income to afford
$84,360
a year, with rent at 30% of income
Rank in Montana
1st of 56
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,469 | $1,322–$1,616 | $58,760 | $28.25/hr | -1.1% |
| 1 bedroom | $1,612 | $1,451–$1,773 | $64,480 | $31.00/hr | -1.8% |
| 2 bedroom | $2,109 | $1,898–$2,320 | $84,360 | $40.56/hr | -2.1% |
| 3 bedroom | $2,920 | $2,628–$3,212 | $116,800 | $56.15/hr | -2.5% |
| 4 bedroom | $3,487 | $3,138–$3,836 | $139,480 | $67.06/hr | -1.4% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $4,010 | $3,609–$4,411 |
| 6 bedroom Estimate | $4,533 | $4,080–$4,986 |
| 7 bedroom Estimate | $5,056 | $4,550–$5,562 |
| 8 bedroom Estimate | $5,579 | $5,021–$6,137 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Gallatin actually rent for?
Search any address in Gallatin for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Gallatin somewhere between $1,898 and $2,320. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$2,109 a month is affordable, by HUD's 30% rule, on an income of roughly $84,360 a year. Put another way, $41 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,898 | Voucher pays at 100%$2,109 | Voucher pays at 110%$2,320 |
|---|---|---|---|---|
| $2,500 | $750 | $1,148 | $1,359 | $1,570 |
| $4,000 | $1,200 | $698 | $909 | $1,120 |
Rate history
The two-bedroom rate went down 2% from FY 2026 ($2,154) to FY 2027 ($2,109). Since FY 2020 it's up 113% in total, about 11.4% a year. The Montana median held flat over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $698 | $760 | $991 | $1,430 | $1,740 | — |
| FY 2021 | $783 | $845 | $1,100 | $1,574 | $1,905 | +11.0% |
| FY 2022 | $754 | $825 | $1,078 | $1,531 | $1,845 | -2.0% |
| FY 2023 | $819 | $894 | $1,164 | $1,654 | $1,983 | +8.0% |
| FY 2024 | $901 | $999 | $1,275 | $1,797 | $2,164 | +9.5% |
| FY 2025 | $1,448 | $1,626 | $2,087 | $2,924 | $3,453 | +63.7% |
| FY 2026 | $1,485 | $1,642 | $2,154 | $2,996 | $3,537 | +3.2% |
| FY 2027In effect | $1,469 | $1,612 | $2,109 | $2,920 | $3,487 | -2.1% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Gallatin, that runs from $1,469 for a studio up to $3,487 for four bedrooms, all five rates in the table above.
Gallatin is its own HUD metro area (Bozeman, MT), so the rate here is set from rents inside the county rather than a wider region.
Among Montana's 56 counties, Gallatin ranks 1st for two-bedroom FMR. That's about 61% above the state median of $1,310 and about 98% above the national median county at $1,063. About 124,074 people live here, 2nd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,940 in 59715 (Bozeman) and $2,380 in 59718 (Bozeman), with the 12 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 59714 | Belgrade | $2,050 | -2.8% |
| 59715 | Bozeman | $1,940 | -8.0% |
| 59716 | Big Sky | $2,230 | +5.7% |
| 59717 | Bozeman | $2,109County rate | — |
| 59718 | Bozeman | $2,380 | +12.8% |
| 59719 | Bozeman | $2,110 | +0.0% |
| 59730 | Gallatin Gateway | $2,250 | +6.7% |
| 59741 | Manhattan | $2,140 | +1.5% |
| 59752 | Three Forks | $1,940 | -8.0% |
| 59758 | West Yellowstone | $1,940 | -8.0% |
| 59760 | Willow Creek | $1,940 | -8.0% |
| 59771 | Bozeman | $2,110 | +0.0% |
| 59772 | Bozeman | $2,110 | +0.0% |
Nearby counties
Two-bedroom FMR, with how each compares to Gallatin.
Madison County
37 mi · 9,223 people
$1,543
-27%
Park County
38 mi · 17,710 people
$1,608
-24%
Broadwater County
53 mi · 7,668 people
$1,755
-17%
Jefferson County
59 mi · 12,774 people
$1,410
-33%
Meagher County
64 mi · 2,007 people
$1,396
-34%
Sweet Grass County
67 mi · 3,720 people
$1,179
-44%
Silver Bow County
74 mi · 35,785 people
$1,417
-33%
Beaverhead County
87 mi · 9,713 people
$1,074
-49%
Questions people ask
$2,109 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,469 for a studio, $1,612 for one bedroom, $2,920 for three and $3,487 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Gallatin actually go for?
HUD's number is one input. Search any address in Gallatin for a rent estimate built from nearby comps. Free to start, no card.
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