FY2027 Small Area FMR · Billings, MT
ZIP 59101 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 59101 (Billings, MT) is $1,360 a month, up 0.7% from FY2026. That is 5% below the Billings, MT area-wide FMR of $1,432.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 59101 sits in the Billings, MT area
Of the 31 ZIP codes HUD lists for the area, 59101 has the 18th highest two-bedroom Small Area FMR. Billings, MT is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,432 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,360 for this ZIP code instead.
ZIP code 59101 crosses more than one HUD area. HUD also lists it under Big Horn County, MT (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $950 | $855 – $1,045 | $1,003 | $970 |
| 1 bedroom | $1,070 | $963 – $1,177 | $1,132 | $1,060 |
| 2 bedrooms | $1,360 | $1,224 – $1,496 | $1,432 | $1,350 |
| 3 bedrooms | $1,880 | $1,692 – $2,068 | $1,983 | $1,860 |
| 4 bedrooms | $2,150 | $1,935 – $2,365 | $2,261 | $2,110 |
A household renting a two-bedroom home at the Small Area FMR of $1,360 needs about $54,400 a year to keep housing costs at 30% of income. The area median family income is $113,000 and the 80% low-income limit for four people is $85,450. ZIP code 59101 lies mainly in Yellowstone County and Big Horn County. See the Billings, MT metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 59101?
HUD's FY2027 Small Area Fair Market Rents for 59101 are $950 (studio), $1,070 (1 BR), $1,360 (2 BR), $1,880 (3 BR) and $2,150 (4 BR) a month.
What is the Section 8 payment standard in 59101?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 59101 that range is $1,224 to $1,496 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 59101?
The FY2026 income limits of the Billings, MT area apply: median family income $113,000, low-income (80%) limit $85,450 for a family of four.