Location: Grand Rapids-Wyoming, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
U.S. Census Bureau data (2024)
To decide whether you should buy in ZIP code 49519 (Wyoming, MI) for Section 8 investments, follow this decision tree:
1) Does the Fair Market Rent ($1370) cover the debt service on a property valued at $291,848?
Yes: The FMR of $1370 is sufficient to cover the debt service if your financing terms are such that the monthly mortgage payment does not exceed this amount. For a $291,848 property, assuming a typical loan-to-value ratio and interest rate, this FMR could likely meet the debt service requirements.
No: If the monthly debt service exceeds $1370, then purchasing a property for Section 8 tenants would not be financially viable under these conditions.
2) Is the market rent ($1,442 ZORI) above, at, or below the FMR?
Above: The market rent of $1,442 is higher than the FMR of $1370, indicating that landlords can potentially earn more from non-Section 8 tenants. However, Section 8 still provides a guaranteed income source that is lower but stable.
At: This scenario is unlikely given the provided figures, but if the market rent were equal to the FMR, landlords would have a neutral position, earning the same regardless of tenant type.
Below: Not applicable since the market rent is above the FMR.
3) Are 41.7% of residents renters and is the 9-day days-on-market (DOM) indicative of sufficient demand?
Yes: With 41.7% of residents being renters and an average DOM of 9 days, there is strong demand for rental properties in Wyoming, MI. This suggests that properties will be occupied quickly, minimizing vacancy rates.
No: If the percentage of renters or the DOM figures do not support the conclusion of high demand, then investing in this area might not be as profitable. However, based on the provided data, both indicators suggest a healthy rental market.
It depends: If the landlord is considering long-term stability over short-term profit maximization, the FMR providing a guaranteed income source could be attractive despite being lower than market rents. The low DOM also supports quick occupancy, which is beneficial for maintaining cash flow.
In summary, if the FMR of $1370 meets your debt service requirements, the market rent of $1,442 is above the FMR, and the 41.7% of renters combined with a 9-day DOM indicate strong demand, then purchasing in ZIP 49519 for Section 8 tenants is a viable investment option. It offers both stability and potential for slightly higher returns with non-Section 8 tenants.
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.