Location: Hillsdale County, MI | Metro: Hillsdale County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The ZIP code 49262, with a population of 1,258, has a relatively low percentage of renters at 7.8%. This indicates that it is primarily a homeowner-dominated area where the presence of Section 8 vouchers is likely to be less common. The median household income in this ZIP code stands at $54,423, which provides a benchmark for assessing the affordability of housing.
The average market rent in ZIP 49262 is $914 per month. To put this into perspective, this represents approximately 16.8% of the median household income when annualized. This calculation is derived from dividing the monthly rent by the annual income ($914 * 12 / $54,423 = 0.168 or 16.8%). Such a rent-to-income ratio suggests that while housing costs are manageable, they still constitute a significant portion of the average household's budget.
Comparing the market rent to the Fair Market Rent (FMR) of $1,150, which is set for FY 2026 and applies to the metropolitan area, reveals that the actual market rent in ZIP 49262 is below the FMR. This means that landlords in this area could potentially receive higher rents if their properties meet the criteria for FMR eligibility, or they might have to compete on price in a market where rents are generally lower.
The type of tenant profile a landlord in ZIP 49262 should expect is someone who values affordable housing options and may be inclined towards using a Section 8 voucher. However, due to the lower proportion of renters, landlords should also prepare for a tenant pool that includes individuals who might prefer homeownership but are temporarily renting due to various life circumstances. These tenants are likely to have a moderate income level and will seek rental units that do not exceed a reasonable percentage of their earnings.
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.