Location: Saginaw, MI | Metro: Bay City, 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 | $990 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $186,792 | 0.75% | D |
| 3BR | $1,800 | $293,412 | 0.61% | D |
| 4BR | $1,860 | $388,248 | 0.48% | F |
| 5BR | $2,158 | $431,126 | 0.5% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 48623, Freeland, MI, is set at $1170 for fiscal year 2024. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It is important to note that this is not the amount you will charge tenants for rent; rather, it is the maximum amount the government will pay toward rent for eligible families.
To put this into perspective, the average rent for the area is $1,229 according to recent Census American Community Survey (ACS) data. This suggests that if your property's market rent is close to or slightly above the FMR, you can still attract tenants while receiving government assistance that covers most of the rent.
In ZIP 48623, about 10.2% of the population are renters. While this percentage might seem low, it translates to a steady demand for rental properties, especially those that offer affordable housing through programs like Section 8. With the FMR being slightly below the average rent, there is a good chance that the voucher payments will cover a significant portion of the total rent.
If you're looking to acquire a property in this area for your first Section 8 rental, the median home value is approximately $291,595. This can be a substantial investment, but it's important to consider the long-term benefits, such as stable income from the government and the potential to serve a community need.
Before committing to a Section 8 rental property, verify that your property meets all local housing quality standards (HQS). These standards ensure that the unit is safe, decent, and sanitary. Failure to meet these criteria can result in reduced payments or even termination from the program. Once you confirm that your property complies with HQS, you can proceed with confidence knowing that you are providing a quality living space that meets both tenant and government requirements.
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.