Location: Ann Arbor, MI | Metro: Ann Arbor, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
U.S. Census Bureau data (2024)
The ZIP code 48190, located in Washtenaw County, Michigan, presents a unique scenario for both renters and landlords. Given the median household income of $76,875, it's important to consider whether residents can afford the local rental market. However, due to limited data, the market rate for rentals in this area is currently listed as N/A. This lack of information makes it challenging to assess the overall affordability of housing.
In contrast, the Housing Choice Voucher program provides a clearer benchmark. The Fair Market Rent (FMR) for ZIP 48190 for fiscal year 2024 is set at $1580. This figure represents the maximum amount that landlords can charge tenants who receive vouchers. While the FMR offers a fixed rate, it's essential to understand how it aligns with the broader economic context of the area.
With only 0.0% of the population being renters and a total population of 76, the competition among landlords is minimal. The low number of renters suggests that the majority of the population either owns their homes or the data might be incomplete. In such a scenario, landlords must carefully consider their tenant acquisition strategy.
The affordability gap in ZIP 48190 is significant when comparing the median income to the FMR. A household earning the median income could potentially afford higher rent than the voucher program allows. For landlords, this means that there is a possibility of attracting tenants willing to pay above the voucher rate, given the scarcity of rental units and the relatively high median income.
However, the decision to accept voucher tenants versus those paying cash should be made based on a thorough understanding of the local rental market and the availability of alternative income sources. If the market rate data becomes available and exceeds the FMR, landlords could benefit from offering competitive rates that still attract voucher holders while allowing flexibility for higher-paying tenants.
Takeaway: Landlords in ZIP 48190 have an opportunity to leverage the high median income and the potential for a premium rental market. While the voucher program offers a stable income source, landlords should also consider the possibility of renting to non-voucher households who can pay more. This dual strategy can maximize profits and adapt to the unique dynamics of the area.
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.