Location: Lenawee County, MI | Metro: Lenawee County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 49289 presents an interesting scenario when analyzed from the perspective of a renter. Given the lack of specific data on median income and market rate rents, it becomes essential to rely on the available information to understand the dynamics of rental affordability in this area.
With the Fair Market Rent (FMR) set at $1,080 for the metro area in fiscal year 2026, this figure serves as a benchmark for understanding how much households might be able to afford through housing vouchers. However, without a defined median income for the area, it's challenging to determine if local households can meet the market rate for rentals. The small number of renters—only 3.8% of the 129 total population—suggests a limited pool of potential tenants, which could impact the competition among landlords.
The low percentage of renters indicates that most residents in ZIP 49289 are homeowners. This demographic characteristic means that landlords must carefully consider their tenant acquisition strategy. Offering properties that qualify for the $1,080 voucher payment standard could attract those who benefit from government assistance, ensuring a steady stream of rental income. On the other hand, landlords might also target the smaller segment of the population that pays cash, possibly setting higher rates if they believe these individuals have the financial capacity to do so.
Given the limited competition and the potential for government-subsidized rents to fill the gap between what residents can afford and the market rate, landlords should weigh the benefits of accepting vouchers. Vouchers can provide a stable source of income and reduce the risk of vacancies, particularly in an area where the majority of residents are homeowners. However, landlords must also be aware of the administrative requirements and regulations associated with accepting vouchers.
In summary, while the exact market rate remains unspecified, the voucher payment standard of $1,080 provides a clear affordability benchmark. In ZIP 49289, landlords should consider the voucher route to tap into a reliable income stream, especially given the low number of renters. This strategy can help navigate the competitive landscape and ensure occupancy, crucial for maintaining profitability in a niche rental market.
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.