Section 8 Fair Market Rent (FMR) for ZIP 48822 - 2027

Location: Lansing-East Lansing, MI | Metro: Lansing-East Lansing, MI MSA

Investment Score for ZIP 48822

Monthly Rent (2BR)

$1,710

Median Price (2BR)

$273,311

1% Rule

0.63%

Annual Yield

7.51%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,340
1 Bedroom	$1,360
2 Bedrooms	$1,710
3 Bedrooms	$2,180
4 Bedrooms	$2,250
5 Bedrooms	$2,610
6 Bedrooms	$2,923
7 Bedrooms	$3,157
8 Bedrooms	$3,315

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,710	$273,311	0.63%	D
3BR	$2,180	$340,578	0.64%	D
4BR	$2,250	$412,730	0.55%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,379

Median Household Income

$91,299

Housing Units

862

Renter Percentage

7.1%

Occupancy Rate

98.7%

Renter Occupied

To determine if you should buy in ZIP code 48822 (Eagle, MI) for Section 8 investment, follow this decision tree:

1) Does FMR $1050 (zip FY 2024) clear debt service on a $315,571 property?

No: The Fair Market Rent (FMR) for ZIP 48822 is $1050 per month. For a property valued at $315,571, typical debt service might include mortgage payments, property taxes, insurance, and maintenance costs. Assuming a 30-year fixed-rate mortgage at 5%, the monthly payment alone would be around $1670, which does not clear when compared to the FMR of $1050. Therefore, based solely on this criterion, investing in Eagle, MI for Section 8 purposes is not advisable.

2) Is market rent $1,390 (Census ACS) above, at, or below FMR?

Above: The market rent in Eagle, MI is $1390 per month, which is higher than the FMR of $1050. This indicates that the property could potentially be rented out at a higher rate than what is covered by Section 8 vouchers, suggesting that landlords might need to consider supplementary income sources or non-Section 8 tenants to cover the full rent.

3) Are 7.1% renters + N/A-day DOM enough demand?

It Depends: Eagle, MI has a rental market where only 7.1% of residents are renters. Additionally, the Days on Market (DOM) data is not available, making it difficult to assess how quickly properties are being leased. With such a low percentage of renters, there may not be sufficient demand for Section 8 properties. However, if you can secure a tenant pool through local housing authorities or other means, the investment could still be viable despite the limited rental market.

In summary, ZIP 48822 (Eagle, MI) presents challenges for Section 8 investment due to the high cost of debt service relative to the FMR and the limited rental market. Landlords should carefully evaluate their ability to manage supplementary income or find alternative ways to fill vacancies before considering an investment in this area.

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.