Section 8 Fair Market Rent (FMR) for ZIP 48845 - 2027

Location: Gratiot County, MI | Metro: Ionia County, MI HUD Metro FMR Area

Investment Score for ZIP 48845

N/A

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$880
1 Bedroom	$920
2 Bedrooms	$1,150
3 Bedrooms	$1,470
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

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
3BR	$1,470	$212,913	0.69%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,218

Median Household Income

$86,042

Housing Units

414

Renter Percentage

5.8%

Occupancy Rate

87.2%

Renter Occupied

The ZIP code 48845, located in Michigan, offers a stable real estate market with opportunities for both landlords and small-portfolio investors. The area is characterized by modest rental prices and a growing median income, which supports the potential for steady tenant demand and reasonable returns on investment.

The Fair Market Rent (FMR) for ZIP 48845 is set at $960 for the fiscal year 2024, indicating the government's benchmark for affordable housing in the region.
The market rent, according to the latest Census American Community Survey (ACS), stands at $800, suggesting that the actual rents charged are slightly below the FMR, providing a realistic baseline for rental pricing.
The median home value in the area is $195,550, making it accessible for investors looking to enter the market without the need for large capital investments.
Renters make up 5.8% of the total population, a figure that might seem low but reflects a steady demand for rental properties, particularly in a setting where many residents own homes.
The median income in ZIP 48845 is $86,042, which is above the national average and signals a robust local economy capable of supporting rental payments.

Investors in ZIP 48845 can expect a market where rental prices are reasonable compared to the FMR, and there is a solid economic foundation that supports rental demand. Despite the relatively low share of renters, the area's median income suggests that tenants are likely to be financially stable, reducing the risk of non-payment. With home values that remain moderate, this ZIP code provides a good entry point for those looking to diversify their real estate portfolio with rental properties. Overall, the combination of these factors makes ZIP 48845 a promising location for real estate investment, especially for those focused on long-term stability and consistent returns.

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.