Location: Lansing-East Lansing, MI | Metro: Battle Creek, MI MSA
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 | $1,040 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $210,046 | 0.65% | D |
| 3BR | $1,710 | $258,714 | 0.66% | D |
| 4BR | $1,890 | $275,769 | 0.69% | D |
U.S. Census Bureau data (2024)
The market in ZIP 49021, encompassing Bellevue, MI, is characterized by a median home value of $242,197. This figure serves as a baseline for understanding the real estate landscape. The Fair Market Rent (FMR) for the area stands at $1010 for the fiscal year 2024, while the market rent, according to the Census American Community Survey (ACS), is slightly higher at $1,045. These numbers suggest that the rental market is closely aligned with the FMR guidelines set by HUD, indicating a stable but competitive environment.
A significant factor in assessing the dynamics of this market is the 12.3% renter share. This relatively low percentage implies that the majority of residents own their homes, which can indicate a market where homeownership is preferred over renting. However, it also suggests long-term housing pressure, as a smaller pool of renters could mean limited opportunities for landlords to capitalize on high-demand rental properties. The lack of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the close alignment between FMR and market rent points towards a balanced market, where neither rents nor sales prices are under extreme pressure.
In summary, ZIP 49021 presents a market in motion, with a slight indication of stability due to the alignment of FMR and market rent. The low renter share suggests that homeownership is prevalent, which could impact the growth potential for rental investments. Landlords and small-portfolio investors should consider these factors when evaluating the viability of expanding into or maintaining presence in this market.
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.