Location: Allegan 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 | $1,400 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $287,547 | 0.49% | F |
| 3BR | $1,790 | $326,389 | 0.55% | F |
| 4BR | $2,040 | $388,043 | 0.53% | F |
| 5BR | $2,366 | $496,484 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 49348, located in Wayland, MI, has a population of 13,699 residents, with 16.2% being renters. This indicates that it is primarily a homeowner-dominated area, where the typical renter constitutes a smaller portion of the community. The median household income stands at $82,512, which is a significant figure when considering the rental market dynamics.
The market rent for properties in this area is set at $1,166 per month. To contextualize this amount relative to the median income, we find that the average rent consumes approximately 17.2% of the local median income. This calculation is derived from dividing the monthly rent by the annual median income and multiplying by 12. Given the Fair Market Rent (FMR) for FY 2024 is $1,330, properties renting at $1,166 are below the FMR, making them attractive to tenants who might be using vouchers.
The discrepancy between the market rent and the FMR suggests that there is room for voucher usage, but the overall demand for vouchers may be lower due to the smaller percentage of renters in the area. Landlords can expect a mix of tenants, including those who may qualify for assistance through housing vouchers, given the relatively high median income compared to the rent costs. However, the voucher pool is likely to be less deep than in areas with higher percentages of renters.
In summary, while ZIP 49348 offers a reasonable opportunity for landlords to attract tenants using vouchers, the overall rental market is not heavily populated by potential voucher users. The typical renter in this area will have an income that comfortably covers the cost of rent, making the ZIP code appealing for landlords looking for stable, financially capable tenants. However, the expectation should be for a moderate level of voucher utilization rather than widespread reliance on such assistance.
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.