Location: Jackson, MI | Metro: Jackson, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
The ZIP code 49204 in Unknown, MI, presents an interesting opportunity for landlords and small-portfolio investors focusing on Section 8 tenants. The specific demographic data such as population size and percentage of renters are currently unavailable, which makes it challenging to definitively categorize the area as either renter-heavy or homeowner-dominated. However, with the median household income also unspecified, we can still analyze the situation based on the available Federal Market Rent (FMR) figure.
The FMR for ZIP 49204 is set at $1070 per month for FY 2024, which serves as a benchmark for rental assistance payments. Without the exact market rent figures, we cannot calculate the precise percentage of income that goes towards rent. But, it's crucial to understand that FMRs are typically lower than market rents, suggesting that tenants receiving vouchers would likely be paying less than the actual market rate.
To illustrate, if we hypothetically consider a median household income scenario, and assume market rents are higher than the FMR, then the typical rent would consume a significant portion of local incomes. For example, if the median household income were $40,000 annually ($3,333 monthly), a $1070 rent payment would represent about 32% of their monthly income. This high proportion indicates that tenants relying on vouchers might struggle to afford additional living expenses.
Given the absence of detailed local rent data, landlords in ZIP 49204 should prepare for a tenant pool that heavily relies on rental assistance programs. These tenants will likely have a fixed budget for housing, making properties that align closely with the $1070 FMR more attractive. Landlords must ensure that their units meet the quality standards required by the Section 8 program, as these tenants will prioritize affordable and safe housing options.
In summary, ZIP 49204 appears to be an area where rental assistance demand is strong, given the reliance on FMRs for determining rental payments. Landlords should anticipate a tenant base that requires stable, affordable housing solutions, and tailor their offerings accordingly to attract and retain Section 8 tenants effectively.
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.