Location: Shiawassee County, MI | Metro: Saginaw, MI MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $148,740 | 0.68% | D |
| 3BR | $1,310 | $214,958 | 0.61% | D |
| 4BR | $1,420 | $243,255 | 0.58% | F |
U.S. Census Bureau data (2024)
The market snapshot for ZIP 48616, Chesaning, Michigan, reveals a dynamic rental environment. With a Fair Market Rent (FMR) set at $910 for fiscal year 2024, the federal benchmark for affordability stands higher than the actual market rent, which is reported at $730 according to the latest Census American Community Survey (ACS) data. This suggests that the local rental market may be experiencing some downward pressure on rents, indicating that supply could be outpacing demand.
The median home value in the area is $209,120. While specific percentages for price-cut share and days on market (DOM) are not available, the lower-than-FMR market rent implies that there might be an excess of rental units, possibly due to the availability of affordable homeownership options. This balance between rental and ownership costs can influence the decision-making process of potential residents, leading to a competitive rental market.
A 15.3% renter share in the population is relatively low, suggesting that homeownership is a prevalent choice among residents. However, this also indicates that there is ongoing housing pressure, as a significant portion of the population continues to seek rental accommodations despite the option for homeownership being quite accessible. The presence of a steady, albeit small, rental market segment signals a need for landlords and small-portfolio investors to focus on maintaining attractive properties to cater to this demand.
The interplay between the rental and homeownership markets in ZIP 48616 presents a unique opportunity for investors. Landlords must ensure their properties remain competitive in terms of both quality and pricing to attract tenants in a market where the FMR exceeds the actual market rent. For those considering the purchase of rental properties, the median home value provides a baseline understanding of the local real estate market's valuation, helping to gauge investment potential accurately.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.