Location: Van Buren County, MI | Metro: Van Buren County, MI
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 | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $229,845 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 49064 has a population of 3,635 individuals, with 21.2% of them being renters. This indicates that the area is not heavily dominated by renters but still maintains a significant portion of its population as tenants. The median household income in this ZIP code is $68,607, which provides a benchmark against which we can measure the affordability of housing.
Average market rent in ZIP 49064 is $618. To understand how this compares to the average income, we calculate that typical rent consumes approximately 9.0% of the median household income. This percentage suggests that rent is relatively affordable for most residents, allowing them to allocate a reasonable portion of their earnings towards housing without financial strain.
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000. This figure represents the maximum amount that a Section 8 voucher holder can use towards rent, indicating that the market rent in ZIP 49064 is below the FMR. Landlords in this area can thus attract voucher holders who have the flexibility to pay additional rent beyond what their voucher covers, up to the FMR limit.
In terms of the type of tenants landlords in ZIP 49064 should anticipate, they are likely to be low to moderate-income individuals who benefit from the Section 8 program. These tenants will typically be able to cover the difference between the market rent ($618) and the FMR ($1,000), making it feasible for landlords to participate in the Section 8 program while still achieving a competitive rental income.
Despite the relatively low percentage of renters, the affordability of the housing market in ZIP 49064 combined with the FMR threshold creates an environment conducive to Section 8 participation. Landlords can expect a steady demand for rental units from voucher holders, particularly those who may need assistance due to the economic conditions of the area.
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.