HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Madison County, Montana (FY 2026)
HUD's FY 2026 Fair Market Rent for a two-bedroom in Madison County is $1,540 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
2 bedroom FMR
$1,540
FY 2026, utilities included
Payment standard range
$1,386 to $1,694
90% to 110% of FMR
Income to afford 2BR
$61,600
per year, at 30% of income
Rank in Montana
13th of 56
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Madison moves to $1,543. That's unchanged. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Madison actually rent for?
Search any address in Madison for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $1,154 | $1,039 to $1,269 | $46,160 | $22.19/hr | +1.3% |
| 1 bedroom | $1,202 | $1,082 to $1,322 | $48,080 | $23.12/hr | +4.8% |
| 2 bedroom | $1,540 | $1,386 to $1,694 | $61,600 | $29.62/hr | +3.2% |
| 3 bedroom | $2,073 | $1,866 to $2,280 | $82,920 | $39.87/hr | +15.3% |
| 4 bedroom | $2,583 | $2,325 to $2,841 | $103,320 | $49.67/hr | +3.1% |
5 to 8 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 | $2,970 | $2,673 to $3,267 |
| 6 bedroom Estimate | $3,358 | $3,022 to $3,694 |
| 7 bedroom Estimate | $3,745 | $3,371 to $4,120 |
| 8 bedroom Estimate | $4,133 | $3,720 to $4,546 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
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 2026 that's October 1, 2025 through September 30, 2026. In Madison, that runs from $1,154 for a studio up to $2,583 for four bedrooms, all five rates in the table above.
Because Madison sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Alder included.
Among Montana's 56 counties, Madison ranks 13th for two-bedroom FMR. That's about 18% above the state median of $1,307 and about 51% above the national median county at $1,018. About 8,742 people live here, 26th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,350 in 59710 (Alder) and $1,880 in 59729 (Ennis), with the 11 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.
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 Madison somewhere between $1,386 and $1,694. 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.
$1,540 a month is affordable, by HUD's 30% rule, on an income of roughly $61,600 a year. Put another way, $30 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($1,386) | HAP at 100% ($1,540) | HAP at 110% ($1,694) |
|---|---|---|---|---|
| $2,500 | $750 | $636 | $790 | $944 |
| $4,000 | $1,200 | $186 | $340 | $494 |
Rate history
The two-bedroom rate went up 3% from FY 2025 ($1,492) to FY 2026 ($1,540). Since FY 2020 it's up 78% in total, about 10.0% a year. The Montana median moved up 3% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $740 | $762 | $867 | $1,080 | $1,385 | — |
| FY 2021 | $781 | $799 | $911 | $1,133 | $1,428 | +5.1% |
| FY 2022 | $779 | $793 | $903 | $1,116 | $1,411 | -0.9% |
| FY 2023 | $863 | $883 | $997 | $1,213 | $1,561 | +10.4% |
| FY 2024 | $777 | $795 | $1,023 | $1,237 | $1,611 | +2.6% |
| FY 2025 | $1,139 | $1,147 | $1,492 | $1,798 | $2,505 | +45.8% |
| FY 2026 | $1,154 | $1,202 | $1,540 | $2,073 | $2,583 | +3.2% |
| FY 2027 | $1,179 | $1,211 | $1,543 | $2,115 | $2,579 | +0.2% |
Nearby counties
Gallatin County
$2,15437 mi · pop 119,685
Silver Bow County
$1,41447 mi · pop 35,306
Beaverhead County
$1,07250 mi · pop 9,469
Jefferson County
$1,40451 mi · pop 12,273
Broadwater County
$1,74860 mi · pop 6,977
Deer Lodge County
$1,08066 mi · pop 9,435
Park County
$1,60572 mi · pop 17,320
Meagher County
$1,39389 mi · pop 1,948
Questions people ask
$1,540 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $1,154 for a studio, $1,202 for one bedroom, $2,073 for three and $2,583 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the 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
See what income a household needs for a given rent.
What does a rental in Madison actually go for?
HUD's number is one input. Search any address in Madison for a rent estimate built from nearby comps. 3 free searches, no card.
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