HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Yellowstone County, Montana (FY 2026)
HUD's FY 2026 Fair Market Rent for a two-bedroom in Yellowstone County is $1,417 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
2 bedroom FMR
$1,417
FY 2026, utilities included
Payment standard range
$1,275 to $1,559
90% to 110% of FMR
Income to afford 2BR
$56,680
per year, at 30% of income
Rank in Montana
18th of 56
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Yellowstone moves to $1,432. That's up 1%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Yellowstone actually rent for?
Search any address in Yellowstone 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 | $1,016 | $914 to $1,118 | $40,640 | $19.54/hr | +0.3% |
| 1 bedroom | $1,109 | $998 to $1,220 | $44,360 | $21.33/hr | +4.4% |
| 2 bedroom | $1,417 | $1,275 to $1,559 | $56,680 | $27.25/hr | +3.2% |
| 3 bedroom | $1,951 | $1,756 to $2,146 | $78,040 | $37.52/hr | +3.3% |
| 4 bedroom | $2,216 | $1,994 to $2,438 | $88,640 | $42.62/hr | +4.3% |
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 | $2,548 | $2,293 to $2,803 |
| 6 bedroom Estimate | $2,881 | $2,593 to $3,169 |
| 7 bedroom Estimate | $3,213 | $2,892 to $3,534 |
| 8 bedroom Estimate | $3,546 | $3,191 to $3,901 |
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 Yellowstone, that runs from $1,016 for a studio up to $2,216 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Yellowstone in with one other county in the Billings metro, Carbon County among them, and every one of them gets $1,417 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among Montana's 56 counties, Yellowstone ranks 18th for two-bedroom FMR. That's about 8% above the state median of $1,307 and about 39% above the national median county at $1,018. About 165,524 people live here, 1st in the state.
Counties sharing the Billings metro rate
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,240 in 59006 (Ballantine) and $1,980 in 59079 (Shepherd), with the 17 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 |
|---|---|---|---|
| 59002 | Acton | $1,470 | +3.7% |
| 59006 | Ballantine | $1,240 | -12.5% |
| 59015 | Broadview | $1,460 | +3.0% |
| 59024 | Custer | $1,430 | +0.9% |
| 59037 | Huntley | $1,370 | -3.3% |
| 59044 | Laurel | $1,360 | -4.0% |
| 59064 | Pompeys Pillar | $1,280 | -9.7% |
| 59079 | Shepherd | $1,980 | +39.7% |
| 59088 | Worden | $1,390 | -1.9% |
| 59101 | Billings | $1,350 | -4.7% |
| 59102 | Billings | $1,480 | +4.4% |
| 59103 | Billings | $1,430 | +0.9% |
| 59104 | Billings | $1,430 | +0.9% |
| 59105 | Billings | $1,600 | +12.9% |
| 59106 | Billings | $1,730 | +22.1% |
| 59107 | Billings | $1,430 | +0.9% |
| 59108 | Billings | $1,430 | +0.9% |
| 59111 | Billings | $1,417County rate | — |
| 59112 | Billings | $1,417County rate | — |
| 59114 | Billings | $1,417County rate | — |
| 59115 | Billings | $1,417County rate | — |
| 59116 | Billings | $1,417County rate | — |
| 59117 | Billings | $1,417County rate | — |
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 Yellowstone somewhere between $1,275 and $1,559. 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.
$1,417 a month is affordable, by HUD's 30% rule, on an income of roughly $56,680 a year. Put another way, $27 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% ($1,275) | HAP at 100% ($1,417) | HAP at 110% ($1,559) |
|---|---|---|---|---|
| $2,500 | $750 | $525 | $667 | $809 |
| $4,000 | $1,200 | $75 | $217 | $359 |
Rate history
The two-bedroom rate went up 3% from FY 2025 ($1,373) to FY 2026 ($1,417). Since FY 2020 it's up 59% in total, about 8.1% 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 | $579 | $675 | $889 | $1,250 | $1,514 | — |
| FY 2021 | $631 | $725 | $956 | $1,321 | $1,570 | +7.5% |
| FY 2022 | $646 | $730 | $960 | $1,315 | $1,543 | +0.4% |
| FY 2023 | $745 | $801 | $1,054 | $1,447 | $1,644 | +9.8% |
| FY 2024 | $837 | $874 | $1,148 | $1,583 | $1,778 | +8.9% |
| FY 2025 | $1,013 | $1,062 | $1,373 | $1,888 | $2,124 | +19.6% |
| FY 2026 | $1,016 | $1,109 | $1,417 | $1,951 | $2,216 | +3.2% |
| FY 2027 | $1,003 | $1,132 | $1,432 | $1,983 | $2,261 | +1.1% |
Nearby counties
Golden Valley County
$1,33945 mi · pop 841
Musselshell County
$1,34445 mi · pop 4,924
Stillwater County
$1,25747 mi · pop 8,978
Carbon County
$1,41749 mi · pop 10,645
Big Horn County
$1,30252 mi · pop 13,090
Treasure County
$1,54862 mi · pop 680
Sweet Grass County
$1,17669 mi · pop 3,697
Petroleum County
$1,54878 mi · pop 416
Questions people ask
$1,417 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $1,016 for a studio, $1,109 for one bedroom, $1,951 for three and $2,216 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 Yellowstone actually go for?
HUD's number is one input. Search any address in Yellowstone for a rent estimate built from nearby comps. 3 free searches, no card.
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