Location: Livingston County, MI | Metro: Livingston County, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,240 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,480 |
| 5 Bedrooms | $2,877 |
| 6 Bedrooms | $3,222 |
| 7 Bedrooms | $3,480 |
| 8 Bedrooms | $3,654 |
U.S. Census Bureau data (2024)
The ZIP code 48143 presents several challenges for potential Section 8 landlords and small-portfolio investors. Firstly, tenant turnover could be problematic due to the disparity between the market rent and the Fair Market Rent (FMR) set at $1410 for FY 2024. Since there is no data available on the current market rent, it's unclear how much lower the actual rent might be compared to the FMR, which could affect the landlord's ability to attract and retain tenants.
Vacancy exposure is another concern. With no data on the days on market (DOM), it's difficult to assess how long properties might remain vacant. This uncertainty can lead to significant financial losses for landlords who rely on steady rental income.
Deferred maintenance is also a risk factor. Without specific figures on the typical home value and median income in ZIP 48143, it's challenging to determine if residents have the financial capacity to maintain their homes adequately. This can result in higher repair costs and maintenance issues for landlords.
However, these risks must be weighed against the fact that ZIP 48143 has a 0.0% renter share. Although this figure appears unusually low and should be treated with caution, high renter density typically indicates a greater demand for housing vouchers. In this case, the absence of renters might suggest that few, if any, residents would qualify for Section 8 assistance, thereby reducing the likelihood of finding tenants willing to use vouchers.
In conclusion, the lack of specific data on market rent, DOM, and local economic conditions makes it difficult to provide a precise risk assessment. However, based on the available information, the verdict is that ZIP 48143 poses a high risk for a first-time Section 8 landlord, primarily due to the unknowns surrounding market dynamics and the scarcity of potential voucher users.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.