Location: Newaygo County, MI | Metro: Holland-Grand Haven, 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 | $950 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,740 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,370 | $243,818 | 0.56% | F |
| 3BR | $1,740 | $304,380 | 0.57% | F |
| 4BR | $2,040 | $357,186 | 0.57% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 49451, which includes Ravenna, Michigan, has been set at $1,050 for the fiscal year 2024. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program, meaning that if you choose to accept vouchers, this is the maximum amount you can charge for rent under the program. It's important to note that this is not necessarily the actual rent you will receive; it is the benchmark used by the government to ensure rents are reasonable.
To put this into perspective, the average rent in the same area, according to the Census Bureau's American Community Survey (ACS), is $1,010. The FMR being slightly higher indicates that the government is aiming to cover the costs associated with renting in this ZIP code, which can be seen as favorable for landlords who want to ensure they receive fair compensation.
In ZIP 49451, approximately 9.9% of the population are renters. This percentage might seem low, but it translates into a steady demand for rental properties, especially those that qualify for the Section 8 program. Landlords should consider this when evaluating the potential market for their property.
If you're looking to acquire a new rental property in this area, the median home value stands at $294,927. This number reflects the typical price point for homes in the area and can help guide your investment decisions. Keep in mind that this is an average, so some properties may be priced higher or lower depending on their condition and location.
Before deciding to enter the Section 8 rental market, one key factor to verify is whether your property meets the necessary standards. The Housing Quality Standards (HQS) set by the U.S. Department of Housing and Urban Development must be satisfied. These standards cover safety, health, and habitability issues such as electrical wiring, plumbing, heating, and structural integrity. Ensuring your property complies with these standards will prevent delays and ensure smooth participation in the program.
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.