Location: Monroe, MI | Metro: Monroe, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
The analysis of ZIP 48177 reveals mixed outcomes for potential investment opportunities.
The rent math does not provide a clear advantage. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1220. However, without specific market rent data, it's challenging to determine if this aligns with what tenants are willing to pay. Landlords should proceed with caution and seek local insights to validate these figures.
Regarding acquisition affordability, the lack of detailed data on median home values, days on market (DOM), and the percentage of homes that have been subject to price reductions hinders a precise assessment. Investors must conduct thorough due diligence to understand the local real estate market dynamics before making any purchase decisions.
Tenant demand appears to be limited. With a total population of 533 and only 7.0% of residents being renters, the pool of potential tenants is relatively small. This could impact the ability to quickly fill vacancies and maintain steady cash flows.
Verdict: ZIP 48177 presents challenges for Section 8 investments. The unclear alignment between FMR and market rents, along with insufficient data on acquisition costs and tenant demand, suggests that this area requires extensive local research before committing resources. The small number of renters and overall population size might limit the appeal for landlords and small-portfolio investors seeking stable and high-demand properties.
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.