Section 8 Fair Market Rent (FMR) for ZIP 48414 - 2027

Location: Shiawassee County, MI | Metro: Shiawassee County, MI

Investment Score for ZIP 48414

N/A

Monthly Rent (2BR)

$1,060

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$810
2 Bedrooms	$1,060
3 Bedrooms	$1,420
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,420	$242,995	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,488

Median Household Income

$68,214

Housing Units

1,121

Renter Percentage

6.8%

Occupancy Rate

95.5%

Renter Occupied

In ZIP code 48414, the Section 8 economics are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $980 for the fiscal year 2024. This SAFMR figure is specifically tailored for this ZIP code, reflecting the unique rental dynamics within it. In contrast, the local market rent for a similar unit is recorded at $932 according to the latest Census ACS data.

The SAFMR of $980 represents the maximum amount that the housing authority will pay on behalf of a tenant through a voucher program. However, this does not equate to the total payment a landlord will receive. To understand the actual reimbursement, consider the following:

Tenant Portion: Tenants typically contribute 30% of their adjusted income towards rent. If a tenant's income is $1,500 per month, their contribution would be $450.
Voucher Payment: The housing authority then pays the difference between the tenant's contribution and the SAFMR. In this case, if the tenant contributes $450, the housing authority would cover the remaining $530 to reach the SAFMR of $980.
Utility Allowances: Utility allowances are additional payments made directly to tenants to help cover their energy costs. These allowances do not affect the housing authority's reimbursement to the landlord but can influence the overall financial arrangement.

To calculate the typical reimbursement gap or surplus, we compare the SAFMR with the local market rent. Here, the SAFMR stands at $980 while the local market rent is $932. This means that for a two-bedroom unit, landlords participating in the Section 8 program can expect a reimbursement that exceeds the local market rent by $48. Therefore, there is a surplus of $48 per month for landlords renting out a two-bedroom property in ZIP 48414 under the Section 8 program.

Note that while the SAFMR provides a cap, the actual reimbursement amount depends on the tenant's income. Landlords should ensure that their units meet all necessary quality and safety standards set by the housing authority to remain eligible for the program.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.