Location: Lenawee County, MI | Metro: Monroe, 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 | $830 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,480 | $235,778 | 0.63% | D |
| 4BR | $1,940 | $220,061 | 0.88% | C |
U.S. Census Bureau data (2024)
The ZIP code 49238 stands out within its county due to several distinct characteristics. With a population of 1,914 residents, only 15.2% of whom rent their homes, this area has a predominantly owner-occupied housing market. The median income for residents is $75,054, which is relatively high compared to national averages, indicating a middle-class community. Additionally, the median home value of $235,914 suggests that homeownership is a significant investment for those living in the area.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 49238 in fiscal year 2024 is set at $1,000. This is notably lower than the market rent of $1,094, as reported by the Census Bureau's American Community Survey (ACS). Landlords should be aware that accepting Section 8 vouchers in this area would mean receiving slightly less rent than the market average, but it also ensures a stable source of income backed by the government.
The data signature for ZIP 49238 reads as stable. The low rental rate and high median income suggest that there is little pressure on the rental market, and the community is likely to remain relatively consistent over time. The modest gap between FMR and market rent indicates that while voucher holders might find the cost of renting somewhat challenging, it is still feasible within the broader economic context of the area. For landlords and small-portfolio investors, this stability means that there is less risk associated with property values and tenant turnover, making it an attractive location for long-term investments.
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.