Section 8 Fair Market Rent (FMR) for ZIP 49619 - 2027

Location: Manistee County, MI | Metro: Manistee County, MI

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,080
1 Bedroom	$1,170
2 Bedrooms	$1,520
3 Bedrooms	$1,940
4 Bedrooms	$2,000
5 Bedrooms	$2,320
6 Bedrooms	$2,598
7 Bedrooms	$2,806
8 Bedrooms	$2,946

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,009

Median Household Income

$62,574

Housing Units

617

Renter Percentage

8.0%

Occupancy Rate

64.7%

Renter Occupied

A landlord considering purchasing a property in ZIP code 49619 for Section 8 should follow this decision tree:

1) Does the Fair Market Rent (FMR) of $1,350 cover the debt service on a property priced at $218,078?

Yes: The FMR does cover the debt service, making it financially viable to consider properties under this price point.
No: The FMR of $1,350 does not clear the debt service on a property valued at $218,078. This indicates that the rental income alone would not be sufficient to meet the financial obligations associated with owning the property.

2) How does the market rent of $1,458 compare to the FMR?

Above FMR: At $1,458, the market rent exceeds the FMR of $1,350. This suggests that there is potential for higher rents outside of Section 8, which could be beneficial if the landlord plans to diversify their tenant base.
At or Below FMR: If the market rent is at or below the FMR, it means the landlord will likely have to set the rent close to or exactly at the FMR level to attract Section 8 tenants. This scenario limits the ability to command premium rents.

3) Is the demand sufficient given that 8.0% of residents are renters and the days on market (DOM) is not available?

It Depends: With only 8.0% of residents being renters, the demand for rental properties might be low. However, the lack of DOM data makes it challenging to assess how quickly properties are rented out. If the DOM is typically short, despite the lower percentage of renters, there could still be a reasonable demand. Conversely, if DOM is long, the area might not be conducive to rental investments.

In summary, for ZIP code 49619, the viability of purchasing a property for Section 8 hinges on the answers to these questions. A positive outcome on the first two points can make the investment worthwhile, but the third point introduces uncertainty due to the missing DOM data. It is advisable to seek additional local market insights before making a final decision.

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.