Location: Grand Rapids-Wyoming, MI | Metro: Grand Rapids-Wyoming, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
U.S. Census Bureau data (2024)
Kentwood, MI, located within the Grand Rapids-Wyoming, MI HUD Metro FMR Area, has a Fiscal Year 2024 Fair Market Rent (FMR) of $1,570 for ZIP code 49546. This figure compares to the broader metro area's typical FMR, which is higher at $1,837. The lower FMR suggests that Kentwood is positioned as a value pocket within the larger Grand Rapids-Wyoming metro.
The median home value in Kentwood stands at $501,039, which is slightly below the average home value for the Grand Rapids-Wyoming, MI HUD Metro FMR Area. This indicates that Kentwood offers a relatively affordable housing market compared to other areas within the metro.
The renter share in Kentwood is 31.3%, which is above the national average but does not necessarily indicate a premium sub-market. Instead, it points towards a neighborhood where a significant portion of residents prefer renting over owning, possibly due to the more accessible rental rates.
Given the specific figures, it can be inferred that ZIP code 49546 is a value pocket within its metro. It offers lower FMRs and slightly below-average home values, making it attractive for landlords and small-portfolio investors looking to capitalize on the rental market without the higher costs associated with premium sub-markets.
A divergence worth noting is the combination of a high renter share with below-metro home values. This characteristic often signals a favorable location for Section 8 tenants, as it provides a balance between affordability and accessibility. For landlords, this means a potentially steady demand for rental properties that align with government-subsidized housing programs.
In conclusion, Kentwood, MI, offers an advantageous position for those interested in the Section 8 real estate market. Its lower FMR and median home values, coupled with a high renter share, create a scenario where it can be seen as a sweet spot for subsidized housing investments within the Grand Rapids-Wyoming metro area.
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.