Location: Shiawassee County, MI | Metro: Lansing-East Lansing, 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 | $1,020 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $181,139 | 0.72% | D |
| 3BR | $1,670 | $303,715 | 0.55% | F |
| 4BR | $1,730 | $431,045 | 0.4% | F |
| 5BR | $2,007 | $530,114 | 0.38% | F |
U.S. Census Bureau data (2024)
ZIP code 48840, located in Haslett, Michigan, stands out in Ingham County with its unique demographic and economic characteristics. The area is home to 12,386 residents, with 38.8% of them renting their homes. The median income here is $73,408, reflecting a moderate economic status, while the median home value is significantly higher at $305,857. This suggests a strong preference for homeownership among the population, despite the relatively high rental rates.
The economics of Section 8 vouchers in ZIP 48840 are particularly favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,050, which is notably lower than the market rent, measured by ZORI (Zillow Observed Rent Index), at $1,422. This discrepancy provides an opportunity for landlords to attract tenants who can leverage the voucher system to cover a substantial portion of the market rent, thereby reducing vacancy rates and ensuring steady cash flow.
Landlords should be aware that the voucher amount does not fully cover the market rent. However, the difference is often manageable and can be offset by the stability and reliability that government-backed housing assistance programs bring to the rental market. Tenants with vouchers typically have a stable source of income and must meet strict eligibility criteria, including background checks and proof of income, which reduces the risk of non-payment and property damage.
Based on the data signature, ZIP 48840 appears to be a stable area. The relatively low percentage of renters compared to the high median home value indicates a mature community where homeownership is prevalent. Additionally, the moderate median income suggests that residents are financially capable of supporting both the rental market and the homeownership trend, making it a reliable location for real estate investments.
In conclusion, ZIP 48840 presents a balanced environment for landlords and small-portfolio investors interested in Section 8 properties. With a favorable ratio between FMR and market rents, there is potential for steady returns on investment. The area's stable economic indicators further support its attractiveness as a long-term real estate holding.
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.