Location: Van Buren County, MI | Metro: Niles, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 49043 in fiscal year 2024 is set at $1070. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the actual rent you will receive; it's the ceiling for the government subsidy.
In comparison, the average rent for ZIP 49043, according to recent Census data, is $725. This indicates that the FMR is significantly higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the local average rent suggests that there is a substantial financial support available to help cover the costs of renting to low-income tenants.
The rental share in ZIP 49043 is 42.3%, meaning that nearly half of the households in this area are renters. This high percentage points to a strong demand for rental properties, particularly those affordable to lower-income families. Given the FMR and the local average rent, there is potential to attract tenants who might otherwise struggle to find housing within their budget.
If you're considering acquiring a property in ZIP 49043 for your first Section 8 rental, the median home value stands at $218,579. This figure provides a benchmark for the cost of entry into the market. Before making any investment decision, verify that the property meets the minimum property standards set by the Department of Housing and Urban Development (HUD). These standards ensure that the property is safe, decent, and sanitary, and they must be met for the property to qualify for the Section 8 program.
In summary, the FMR of $1070 offers a higher payment standard compared to the local average rent of $725, indicating a supportive environment for landlords. With a significant portion of the population renting, there is ample demand for affordable housing. For an acquisition cost of around $218,579, ensuring that your property meets HUD’s minimum standards is crucial before proceeding with the Section 8 program.
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.