Location: Montcalm County, MI | Metro: Montcalm County, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The ZIP code 49322, with a population of 1,245, has a relatively low percentage of renters at 9.2%. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income stands at $73,750, which provides a benchmark for evaluating the affordability of housing in the region.
In the context of Section 8 vouchers, the scarcity of vouchers can be inferred from the low rental rate. With a market rent of $1,075, typical rent consumes approximately 14.6% of the median household income. This is calculated by dividing the market rent by the median income and multiplying by 100. In comparison, the Fair Market Rent (FMR) for the area is set at $1,270 for FY 2024, indicating that the market rent is slightly below the FMR threshold.
The low proportion of renters suggests that landlords in ZIP 49322 will likely face a smaller pool of potential Section 8 tenants. Given the median income and the market rent, landlords should anticipate tenants who might struggle to afford rents significantly above $1,075 without financial assistance. The disparity between the market rent and the FMR also implies that there could be some flexibility in rent pricing for properties that accept Section 8 vouchers, allowing landlords to potentially charge closer to the FMR without deterring voucher holders.
To summarize, landlords in ZIP 49322 should prepare for a tenant pool that heavily relies on Section 8 vouchers due to the high cost of living relative to the median income. Expect tenants who have a significant portion of their income allocated towards housing costs and who may require financial assistance to cover the full rent. This area is not characterized by a heavy concentration of renters, but the economic conditions make it a suitable location for properties that cater to voucher holders.
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.