FY2026 Fair Market Rents — Billings, MT HUD Metro FMR Area
The HUD-published Fair Market Rents for FY2026 in this area are:
Studio
$1,016
1BR
$1,109
2BR
$1,417
3BR
$1,951
4BR
$2,216
Hours/week at min wage
104 hrs
to afford the 2BR FMR @ $10.55/hr (MT)
YoY change (2BR)
+3.2%
+$44 vs FY2025 · 5-yr +48.2%
Voucher payment standard
$1,275–$1,559
PHAs set HCV payment at 90–110% of the 2BR FMR
Billings, MT HUD Metro FMR Area
Non-Metropolitan area · MT · View full history · Income limits · LIHTC rents
FY2026 Fair Market Rents
| Bedroom Size | Monthly FMR | Annual Equivalent |
|---|---|---|
| Efficiency (Studio) | $1,016 | $12,192 |
| 1-Bedroom | $1,109 | $13,308 |
| 2-Bedroom | $1,417 | $17,004 |
| 3-Bedroom | $1,951 | $23,412 |
| 4-Bedroom | $2,216 | $26,592 |
Recent 2-Bedroom FMR Trend
FY2020 $889 → FY2026 $1,417
| Fiscal Year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY2026 | $1,016 | $1,109 | $1,417 | $1,951 | $2,216 |
| FY2025 | $1,013 | $1,062 | $1,373 | $1,888 | $2,124 |
| FY2024 | $837 | $874 | $1,148 | $1,583 | $1,778 |
| FY2023 | $745 | $801 | $1,054 | $1,447 | $1,644 |
| FY2022 | $646 | $730 | $960 | $1,315 | $1,543 |
| FY2021 | $631 | $725 | $956 | $1,321 | $1,570 |
| FY2020 | $579 | $675 | $889 | $1,250 | $1,514 |
View full FMR history back to FY2000 →
FY2026 Income Limits
Area Median Income (AMI): $113,000
| AMI Level | 1p | 2p | 3p | 4p | 5p | 6p |
|---|---|---|---|---|---|---|
| 30% AMI (Extremely Low) | $22,450 | $25,650 | $28,850 | $33,000 | $38,680 | $44,360 |
| 50% AMI (Very Low) | $37,400 | $42,700 | $48,050 | $53,400 | $57,650 | $61,950 |
| 80% AMI (Low) | $59,800 | $68,400 | $76,900 | $85,450 | $92,300 | $99,150 |
Full income limits table (all 8 household sizes) →
Affordability Snapshot
2BR Annual FMR
$17,004/yr
FMR as % of Area Median Income
15% of AMI
Under 30% — affordable at median income
Income Needed (30% rule, 2BR)
$56,680/yr
$4,723/mo gross income
FY2026 LIHTC Maximum Rents
Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →
| AMI Band | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| 50% AMI Maximum | $988 | $1,130 | $1,271 | $1,525 | $1,638 |
| 60% AMI Maximum | $1,186 | $1,356 | $1,525 | $1,830 | $1,966 |
FY2026 HOME Program Rent Limits
Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →
| Limit Type | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| High HOME Rent | $1,016 | $1,109 | $1,417 | $1,836 | $1,836 |
| Low HOME Rent | $935 | $1,067 | $1,201 | $1,335 | $1,441 |
Compare Billings, MT HUD Metro FMR Area With Other MT Metros
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