Section 8 Fair Market Rent (FMR) for ZIP 49504 - 2027

Location: Grand Rapids-Wyoming, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,300
1 Bedroom$1,360
2 Bedrooms$1,620
3 Bedrooms$2,100
4 Bedrooms$2,400
5 Bedrooms$2,784
6 Bedrooms$3,118
7 Bedrooms$3,367
8 Bedrooms$3,535

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
40,036
Median Household Income
$70,119
Housing Units
18,769
Renter Percentage
43.1%
Occupancy Rate
92.4%
Renter Occupied
7,482

Housing Authorities Serving ZIP 49504

The rent math in ZIP 49504, part of the Grand Rapids-Wyoming, MI HUD Metro FMR Area, does not align favorably for landlords. The Fair Market Rent (FMR) set at $1310 for the fiscal year 2024 is notably below the market rent indicated by ZORI, which stands at $1,595. This discrepancy means that landlords may struggle to cover their costs if they adhere strictly to the FMR guidelines.

Acquisition in this area remains relatively affordable, with a median home value of $284,443. The average days on market (DOM) of 9 days and a low price-cut share of 0.2% suggest that homes are selling quickly without significant discounts. These factors indicate a stable housing market where properties can be acquired at fair prices.

Tenant demand is strong in ZIP 49504, with a total population of 40,036 and 43.1% of residents being renters. This high percentage of renters points to a robust market for rental properties, providing landlords with a consistent pool of potential tenants.

In summary, while the rent math poses a challenge due to the gap between FMR and market rents, the affordability of acquisitions and the presence of a large tenant base make ZIP 49504 a viable investment location for landlords and small-portfolio investors. However, careful consideration must be given to the pricing strategy to ensure profitability without violating rental assistance guidelines.

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.