Location: Kalamazoo-Portage, MI | Metro: Barry County, MI HUD Metro FMR Area
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 | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $299,769 | 0.4% | F |
| 3BR | $1,570 | $332,967 | 0.47% | F |
| 4BR | $1,820 | $423,764 | 0.43% | F |
U.S. Census Bureau data (2024)
ZIP code 49083, located in Richland, Michigan, is situated within the Kalamazoo-Portage, MI MSA metro area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $950. In comparison to the typical ZIP codes within the Kalamazoo-Portage MSA, which generally have higher FMRs, ZIP 49083 stands out as a value pocket. The average market rent for 49083 is listed at $1,023, which is slightly above the FMR but still relatively affordable when considering the broader context of the metro area.
The median home value in ZIP 49083 is $369,728. This figure is lower than many other ZIP codes within the Kalamazoo-Portage MSA, indicating that it is less expensive to purchase property here compared to other parts of the metro. A lower home value can be advantageous for landlords and small-portfolio investors looking to acquire properties at a more reasonable price point.
The renter share in ZIP 49083 is 9.7%, which is a moderate percentage and suggests that while there is a significant number of renters, it is not unusually high. This characteristic aligns with the value pocket classification, as it implies that there is a steady demand for rental properties without the extreme concentration seen in areas with much higher renter shares.
To summarize, ZIP 49083 presents itself as a value pocket within the Kalamazoo-Portage, MI MSA. The combination of a below-average home value and a reasonable FMR and market rent makes it an attractive option for real estate investors seeking to capitalize on affordability. However, the renter share is not particularly high relative to the home value, so it does not necessarily signal a prime opportunity for Section 8 housing. Investors should consider the overall economic dynamics and rental demand trends in Richland, MI, before making investment decisions.
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.