Location: Newaygo County, 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 | $1,110 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $258,502 | 0.53% | F |
| 3BR | $1,790 | $329,688 | 0.54% | F |
U.S. Census Bureau data (2024)
14.9% of Sand Lake, MI's residents are renters, a figure that underscores the demand for affordable housing options in ZIP 49343. The $1200 Fair Market Rent (FMR) for zip code 49343 in fiscal year 2024 is notably higher than the $880 market rent reported by the Census Bureau's American Community Survey, indicating a potential gap between what the government deems fair and the actual rental prices. This discrepancy suggests that landlords can leverage the higher FMR to attract Section 8 tenants. With a median home value of $305,364, it's clear that homeownership is relatively expensive in this area, further supporting the need for quality rental properties. The median income of $80,408 provides insight into the economic profile of the community, showing that while incomes are modest, they are still above the national average, which could translate into better-paying tenants. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the trends suggest a stable market where landlords can maintain competitive pricing without frequent adjustments. In conclusion, given the higher FMR compared to market rents and the modest yet stable median income, landlords in 49343 should consider participating in the Section 8 program to secure steady rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.