Location: Saginaw, MI | Metro: Midland, 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 | $830 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,180 | $168,771 | 0.7% | D |
| 3BR | $1,510 | $261,009 | 0.58% | F |
| 4BR | $1,570 | $314,422 | 0.5% | F |
U.S. Census Bureau data (2024)
Saginaw County's ZIP code 48626, known as Hemlock, Michigan, stands out among its peers due to its unique demographic and economic characteristics. With a population of 5,766 residents, only 6.8% of whom rent their homes, Hemlock has a predominantly owner-occupied housing market. The median household income here is $84,360, which is above the national average, and the median home value is $243,244, reflecting a stable and somewhat affluent community.
Despite the high median home value, the rental market in Hemlock remains competitive. According to the Census American Community Survey (ACS), the average market rent is $1,103 per month. However, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for fiscal year 2024 is significantly lower at $920 per month. This discrepancy suggests that landlords who accept Section 8 vouchers might face challenges in covering their costs fully, especially if they are accustomed to higher market rents.
The data signature for ZIP 48626 indicates a relatively stable environment. The low percentage of renters combined with a robust median income and home values points towards a community that is unlikely to experience significant transitional shifts in the near future. Landlords and small-portfolio investors should be aware of the potential for limited demand from Section 8 tenants, given the low proportion of renters and the gap between FMR and market rents. However, the stability of the area could offer long-term benefits, including consistent occupancy rates and less volatility in property values.
In conclusion, while the voucher economics may present some hurdles for landlords in Hemlock, the overall data signature suggests a stable investment climate. Investors should carefully consider the balance between accepting Section 8 vouchers and the potential for higher rental income from the local market.
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.