Location: Newaygo County, MI | Metro: Lake County, MI
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 | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $189,663 | 0.53% | F |
| 3BR | $1,410 | $237,516 | 0.59% | F |
U.S. Census Bureau data (2024)
ZIP code 49309, located in Bitely, MI within the Newaygo County, MI metro area, presents an interesting case when compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, while the market rent for 49309 stands slightly below at $950. This indicates that the rental prices in 49309 are in line with the broader county trends, but slightly more affordable.
The median home value in 49309 is $168,807, which is notably lower than many other areas within the same county. This suggests that 49309 could be considered a value pocket within the metro, offering property owners a chance to acquire real estate at a relatively lower cost compared to surrounding ZIP codes.
A key indicator for Section 8 investors is the renter share, which in 49309 is 8.2%. While this figure might not be exceptionally high, it does signal a presence of renters who could potentially benefit from Section 8 housing assistance. Given the below-metro home values coupled with a modest renter share, 49309 represents a mid-tier neighborhood rather than a premium sub-market. However, the combination of slightly lower rental costs and lower home values does suggest a potential sweet spot for those interested in Section 8 properties.
To summarize, 49309 in Bitely, MI, is a mid-tier neighborhood with slightly below-average rental prices and significantly lower home values compared to the rest of Newaygo County. The presence of a modest renter share makes it a reasonable choice for Section 8 investments, especially for those looking for value pockets where the cost of entry into the real estate market is lower.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.