Location: Manistee County, MI | Metro: Manistee County, MI
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 | $910 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $340,239 | 0.48% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 49614 reveals a unique balance between yield and stability that presents opportunities for both high-risk and high-reward strategies, as well as more conservative approaches. The Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,280, while the market rent for the same period is estimated at $979. This indicates a potential rental premium when properties are leased under Section 8 contracts. However, the median home value in the area is $313,238, which is significantly higher than the average household income of $72,250. This suggests that while there is a strong demand for affordable housing, the local market may struggle to support higher-end property values.
On the stability axis, the percentage of renters stands at 3.9%, which is notably low, indicating a smaller pool of potential tenants. The lack of data on days on market (DOM) makes it challenging to assess how quickly properties can be rented out, but the combination of low renter percentage and lower market rent compared to FMR points towards a less stable rental environment. The income figure of $72,250 provides some insight into the financial capacity of residents, but it falls short of justifying the median home value, suggesting that many homeowners may rely heavily on subsidies to afford their homes.
Given these figures, ZIP 49614 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it represents a market where yields are moderately attractive due to the difference between FMR and market rent, but stability is compromised by the low percentage of renters and the mismatch between income levels and home values. Landlords and small-portfolio investors should carefully consider the risk associated with slower tenant acquisition and the potential for increased vacancy rates before entering this market.
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.