Location: Oscoda County, MI | Metro: Alcona County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The ZIP code 48728 represents an area with a population of 328 individuals, where 10.6% are renters. This indicates that the majority of residents are homeowners, suggesting that the market for Section 8 tenants is relatively limited. The median household income in this area is $46,250, which provides a baseline for assessing the affordability of housing.
With a market rent of $1,097, the typical rent consumes approximately 24% of the median local income. This calculation is derived from dividing the monthly rent by the annual income ($1,097 / $46,250 * 12 months), highlighting that rent is a significant portion of income for most households.
Comparing the market rent to the Fair Market Rent (FMR) of $1,020 for fiscal year 2026, it's evident that the market rent slightly exceeds the FMR. This suggests that landlords may face some pressure to keep rents competitive with the FMR to attract tenants eligible for Section 8 vouchers.
In this ZIP code, landlords should expect tenants who are likely to be financially constrained, given that rent represents a substantial share of their income. These tenants will heavily rely on the Section 8 voucher program to subsidize their housing costs. Landlords must be prepared to work closely with the local housing authority to ensure compliance with the program requirements and manage expectations regarding rental income and tenant selection.
While the demand for vouchers exists, it is not as pronounced as in areas with higher percentages of renters. Therefore, landlords should consider the balance between attracting voucher holders and potentially missing out on higher-paying tenants who do not require financial assistance.
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.