Location: Grand Rapids-Wyoming, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area
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 | $1,390 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,460 | $334,998 | 0.44% | F |
| 2BR | $1,740 | $333,467 | 0.52% | F |
| 3BR | $2,260 | $421,841 | 0.54% | F |
| 4BR | $2,580 | $507,780 | 0.51% | F |
| 5BR | $2,993 | $617,167 | 0.48% | F |
U.S. Census Bureau data (2024)
ZIP code 49341, located in Rockford, MI, falls within the Grand Rapids-Wyoming, MI HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1490, while the market rent stands at $1,625. The median home value in 49341 is $451,388, and the renter share is 8.6%. To contextualize these figures within the broader metro area, let's break down the implications.
The FMR of $1490 for ZIP 49341 is slightly lower than what might be expected for a typical ZIP within the Grand Rapids-Wyoming, MI HUD Metro FMR Area, which generally has higher FMRs due to its larger urban footprint and economic activity. This suggests that 49341 could be considered a value pocket within the metro, offering relatively affordable rental options compared to the urban core.
With a market rent of $1,625, properties in 49341 are priced above the FMR but remain competitive within the metro. This indicates a slight premium on market rates over the HUD-set FMR, which is common in areas where there is a mix of subsidized and unsubsidized housing.
The median home value of $451,388 is moderate when compared to other ZIP codes within the metro area, particularly those closer to the city center where property values tend to be higher. This places 49341 as a mid-tier neighborhood in terms of property values, suitable for a range of investment strategies.
The renter share of 8.6% is notably low, suggesting that the majority of residents own their homes. However, this does not necessarily mean it's less attractive for Section 8 tenants. Instead, the lower renter share could indicate a stable, owner-occupied community with fewer rental units available, making the existing rentals potentially more desirable for those seeking subsidized housing.
While the data does not explicitly define ZIP 49341 as a premium sub-market, it clearly shows characteristics of a value pocket with mid-tier property values. The divergence between the relatively low FMR and the slightly higher market rent, combined with the modest home values, makes it an interesting location for landlords and investors looking to balance affordability with market demand.
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.