Location: Midland, MI | Metro: Midland, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
U.S. Census Bureau data (2024)
The ZIP code 48620 has a population of 145, with 15.8% of residents being renters. This indicates that it is not a renter-heavy area, but rather a homeowner-dominated zone where the availability of housing vouchers might be limited.
Given the median household income of $99,231, it's important to note that this figure exceeds the Fair Market Rent (FMR) threshold for Section 8 eligibility, which is set at $1070 per month for FY 2024. Therefore, landlords in this ZIP can expect fewer potential tenants who qualify for Section 8 vouchers.
The absence of specific market rent data makes it challenging to calculate precisely what percentage of local income goes towards typical rent. However, if we use the FMR as a proxy for market rent, we can infer that the average rent would consume less than 10% of the median household income in this area. This suggests that most residents have sufficient disposable income to cover rent without needing assistance from housing vouchers.
In conclusion, landlords and small-portfolio investors in ZIP 48620 should anticipate a tenant pool that largely consists of individuals and families who do not rely on Section 8 vouchers. The majority of prospective tenants will likely be financially stable and capable of paying rent from their own resources, given the relatively high median income compared to the FMR.
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.