Location: Ionia County, MI | Metro: Ionia County, MI HUD Metro FMR Area
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 | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $252,636 | 0.43% | F |
| 3BR | $1,350 | $306,057 | 0.44% | F |
| 4BR | $1,740 | $355,958 | 0.49% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $930 for zip code 48881 (Saranac, MI) in fiscal year 2024, landlords can expect to align their rental pricing with government standards for affordability. The Census ACS reports a market rent of $720, indicating that the actual rental prices are below the FMR, suggesting a potential for modest increases without deterring tenants. The median home value stands at $291,145, which is a key figure for understanding the overall property values in the area. Given that 23.7% of residents are renters, it's evident that there is a significant portion of the population relying on rental housing, creating a stable demand for rental properties. The median income of $78,607 provides insight into the financial capacity of local residents, ensuring that they can afford the FMR without excessive strain. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the consistent demand for rentals and the alignment between market rents and FMRs suggest that Saranac, MI remains a viable investment location for landlords and small-portfolio investors. The discrepancy between the FMR and the actual market rent offers an opportunity for landlords to adjust their rates upwards while still remaining within the affordability range set by the government. This scenario supports a positive outlook for Section 8 participation, as the income levels and housing costs are well-suited for the program. In conclusion, the data points to a favorable environment for Section 8 investments in Saranac, MI.
Saranac, MI Section 8 Verdict: Suitable for Section 8 participation given the alignment of market rents and FMRs with local income levels.
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.