Section 8 Fair Market Rent (FMR) for ZIP 48924 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 48924 in Michigan for fiscal year 2024 is set at $1100. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you will receive; it's the benchmark against which your rental property's market rate is compared.

If your property qualifies for Section 8, the Housing Authority will pay the difference between the FMR and your actual rent, up to $1100. For example, if your rent is $1000, the voucher holder pays their portion, and the Housing Authority covers the rest. If your rent exceeds $1100, the voucher holder must make up the difference out of pocket.

In ZIP 48924, the local median rent is currently listed as N/A, and the percentage of renters who could potentially benefit from Section 8 vouchers is also N/A%. These figures suggest that there isn't enough data available to provide a precise comparison between the FMR and typical local rents. However, the lack of detailed local statistics doesn't necessarily mean low demand. Section 8 vouchers are often sought after by tenants, so even without specific numbers, you can expect interest from eligible applicants.

The average acquisition cost for properties in this area is also listed as N/A. This means that there isn't a clear baseline to compare the purchase price of a potential Section 8 rental. Without this information, it's difficult to advise on whether the acquisition cost is favorable or not.

Before proceeding with a Section 8 rental, verify that your property meets all the necessary eligibility requirements, including passing a housing quality standards (HQS) inspection. This ensures that your rental unit is safe and habitable, which is mandatory for participation in the program.

To summarize, the FMR of $1100 sets the ceiling for rent under Section 8 in ZIP 48924. While local rent data and the percentage of renters benefiting from vouchers are unavailable, Section 8 remains a viable option for attracting tenants. The key step to take before committing is to confirm that your property complies with all HQS criteria.

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.