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 | $990 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,770 | $264,339 | 0.67% | D |
| 4BR | $2,040 | $304,383 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 49276 presents a dynamic rental market that is currently in flux. With a Fair Market Rent (FMR) set at $1380 for the fiscal year 2024, it indicates a significant benchmark for rental prices in the area. However, the current market rent, according to the Census ACS, stands at $750. This suggests that the actual rents being charged are below the FMR, possibly due to an oversupply of rental units relative to demand.
The median home value in ZIP 49276 is $295,446, which provides insight into the overall economic profile of the area. Despite the lack of specific data on price-cut shares and days on market (DOM), the discrepancy between the FMR and the market rent implies that landlords might be facing challenges in achieving the FMR due to competitive pressures or other market conditions.
A notable aspect of the ZIP 49276 market is the 4.8% renter share. This relatively low percentage of renters compared to homeowners can indicate several things. Firstly, it points towards a community where homeownership is prevalent, suggesting a stable population with long-term ties to the area. Secondly, the low renter share could imply that there is less immediate pressure on rental properties, but it also means that any increase in rental demand could quickly elevate the competition for available units, putting upward pressure on rents.
In summary, ZIP 49276 is characterized by a rental market that is currently underselling the FMR, hinting at either a temporary imbalance or broader economic factors affecting the area. The high median home value and low renter share suggest a strong bias towards homeownership, which can influence the stability and growth of the rental market over the long term. Landlords and small-portfolio investors should closely monitor these dynamics to make informed decisions about pricing and investment strategies.
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.