Location: Livingston County, MI | Metro: Livingston County, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
The Family Monthly Rent (FMR) for ZIP 48844, as set for fiscal year 2024, is $1360. This figure represents the maximum amount that a household receiving a housing voucher would be expected to pay towards their rent. Given the median income is listed as N/A, it suggests there is limited data on the average earnings of residents in this area.
The lack of specific income and market rate rental data makes it challenging to directly assess the affordability gap for households in ZIP 48844. However, the FMR provides a benchmark for what low-income families might be able to afford. If the market rate rental is higher than $1360, it indicates that without assistance, many potential renters could struggle to cover their housing costs.
With N/A% of the population being renters and a total population of N/A, the exact number of tenants and their financial situations remain unclear. Yet, the presence of an affordability gap means that landlords will face competition from properties that accept vouchers, which offer a guaranteed income stream but at a fixed rate.
The takeaway for landlords considering voucher versus cash-pay strategies is that while voucher payments ensure steady income, they also cap the rent at a specific rate. Cash-paying tenants might offer higher rents, but landlords must weigh the risk of vacancy due to the limited financial resources of potential renters in the area. Landlords should consider the local rental market dynamics and the financial stability of both voucher and non-voucher tenants when deciding their strategy.
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.