Location: Wexford County, MI | Metro: Wexford County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The ZIP code 49618 stands as a market in motion, characterized by a robust rental sector and significant insights into housing dynamics. With a Fair Market Rent (FMR) set at $1,120 for fiscal year 2026, this figure represents the government's benchmark for what is considered a fair rent for a two-bedroom apartment. In comparison, the market rent as reported by the Census ACS sits higher at $1,458. This suggests that the private market is commanding a premium over the FMR, indicative of strong demand and possibly limited supply.
The median home value in ZIP 49618 is $259,156, which provides a baseline for property values. While specific data on price-cut share and days on market (DOM) are not available, the disparity between FMR and market rent can be interpreted as a sign that demand exceeds supply. When there is a surplus of demand, landlords can charge above the FMR without significant concessions or prolonged vacancy periods.
A noteworthy aspect of this market is the 13.7% share of renters. Although this percentage might seem low, it reflects a substantial number of individuals who prefer or must rely on renting rather than owning. This dynamic can exert long-term housing pressure, particularly if economic conditions prevent renters from transitioning to homeownership. As a result, the rental market remains vital and potentially resilient against downturns.
In summary, ZIP 49618 presents a rental market where demand likely outpaces supply, as evidenced by rents exceeding the FMR. The relatively low but meaningful renter share points to ongoing housing pressure, suggesting that the rental sector will continue to play a critical role in meeting the needs of residents. Landlords and small-portfolio investors should consider these dynamics when making decisions about their investments in this 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.