Section 8 Fair Market Rent (FMR) for ZIP 49303 - 2027

Location: Newaygo County, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,110
1 Bedroom	$1,160
2 Bedrooms	$1,380
3 Bedrooms	$1,790
4 Bedrooms	$1,980
5 Bedrooms	$2,297
6 Bedrooms	$2,573
7 Bedrooms	$2,779
8 Bedrooms	$2,918

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

772

Median Household Income

$78,917

Housing Units

239

Renter Percentage

12.6%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 49303, located in Michigan, offers a stable market for both landlords and small-portfolio investors. The area is characterized by a mix of residential properties and has seen consistent demand for rental units.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 49303 for fiscal year 2024 is set at $1200, providing a benchmark for rental pricing.
The average market rent for properties in this area, according to the Census American Community Survey, stands at $756, indicating that there is room for price adjustments to meet the FMR.
The median home value in ZIP 49303 is $283,718, reflecting a moderate cost of living compared to other areas in the state.
Renters make up 12.6% of the housing market, suggesting a niche but steady demand for rental properties.
The median income for residents in this ZIP code is $78,917, which supports the ability of tenants to afford higher rents.
The Days on Market (DOM) for rental listings is not available, but this could indicate that listings are typically rented quickly once they become available.

Investors looking to enter the ZIP 49303 market should focus on properties that can command rents close to the FMR, given the local income levels. With a median home value below the state average and a significant portion of the population renting, the area presents a solid opportunity for those willing to invest in quality rental units. The current market rent is notably lower than the FMR, which suggests potential for increasing rental rates, though competition and local market dynamics must be considered. Overall, ZIP 49303 offers a balanced investment environment with moderate risks and rewards, suitable for cautious yet opportunistic investors.

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.