Location: Lansing-East Lansing, MI | Metro: Lansing-East Lansing, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
The ZIP code 48805, located in Lansing-East Lansing County, Michigan, presents a unique set of characteristics that distinguish it from other areas. Despite the lack of specific resident and economic data, the Federal Market Rent (FMR) for the area offers insight into the housing dynamics. For fiscal year 2024, the FMR for ZIP 48805 is set at $1100. This figure is crucial for understanding the voucher economics in the region.
Vouchers in ZIP 48805 are designed to help low-income families afford rental housing at a standard rent level. The FMR of $1100 indicates the maximum amount that HUD will pay for rent and utilities for a unit in this ZIP code. This means landlords can expect to receive up to $1100 per month for a unit participating in the Section 8 program, assuming the tenant pays the remainder of the rent based on their income.
While the exact market rent for ZIP 48805 is not available, the FMR serves as a benchmark for affordable housing. Landlords should be aware that the actual market rent could be higher or lower depending on various factors such as property condition, location, and amenities. However, the FMR provides a solid guideline for pricing units to attract Section 8 tenants.
The data signature for ZIP 48805 is marked as "N/A," which suggests incomplete or unavailable information regarding the number of residents, percentage renting, median income, and median home value. This absence of comprehensive data points towards a potentially transitional area, where changes in population, economic conditions, or housing trends might be occurring but have not been fully captured yet.
In summary, ZIP 48805 stands out due to its specific FMR of $1100, which guides the voucher economics for the area. The lack of detailed economic and demographic data implies a transitional environment, making it essential for landlords to stay informed about local market conditions and potential shifts in the housing landscape.
Data Sources: FMR data from HUD (2027).
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.