Location: Gratiot County, MI | Metro: Montcalm County, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The market in ZIP code 48889 presents a dynamic scenario that can be inferred from the snapshot of available data points. The Fair Market Rent (FMR) stands at $970 for the fiscal year 2024, while the market rent as per the Census American Community Survey (ACS) is $1,115. This suggests that the rental market is slightly above the government-set fair market level, indicating a robust demand for rental properties.
The median home value in the area is $217,807, which is a significant figure for potential homeowners and investors alike. However, the lack of data on price-cut share and days on market (DOM) means we cannot definitively assess whether supply is currently outpacing demand or vice versa. Nonetheless, the higher market rent compared to the FMR implies that there might be a slight bias towards demand being stronger than supply, as landlords are able to charge more than the benchmark rate.
A noteworthy statistic is the 16.2% renter share of the population. This relatively low percentage indicates that a majority of residents own their homes. However, it also implies ongoing long-term housing pressure, as a sizeable portion of the population continues to seek rental accommodations. This pressure is likely to persist given the steady demand for rentals that keeps market rent above the FMR.
In summary, ZIP 48889 appears to be a market where rental demand is strong, evidenced by the premium over FMR. The modest renter share suggests that homeownership is prevalent, but the consistent rental activity signals an enduring need for affordable housing options. For landlords and small-portfolio investors, this translates into a market with opportunities to maintain or increase rental rates, contingent upon the broader economic conditions and the availability of rental units.
Data Sources: FMR data from HUD (2027). 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.