Location: Antrim County, MI | Metro: Antrim 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 | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $430,675 | 0.28% | F |
| 3BR | $1,440 | $579,965 | 0.25% | F |
| 4BR | $1,790 | $686,544 | 0.26% | F |
U.S. Census Bureau data (2024)
The ZIP code 49629, located in Elk Rapids, MI, presents a unique investment scenario when analyzed through the lens of yield and stability for Section 8 real-estate opportunities.
Starting with yield, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,290. However, the local market rent is lower, at $929. This discrepancy suggests that while there is potential for higher rental income through Section 8, the overall market may be less robust compared to the metro average. Additionally, the median home value of $492,942 indicates a relatively expensive market, which could limit the number of eligible tenants.
Moving to stability, the ZIP code has a 22.1% rate of renters, which is low. A lower percentage of renters can mean fewer potential tenants for Section 8 properties. The median household income is $65,302, providing some insight into the economic health of the area. However, the lack of data on days on market (DOM) makes it challenging to assess the speed at which properties are typically rented out, which is crucial for understanding cash flow consistency.
Given these figures, ZIP 49629 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it occupies a middle ground. The relatively high FMR compared to the local market rent points towards a moderate yield potential, especially if the property owner can secure Section 8 tenants willing to pay closer to the metro average. The low renter percentage and limited DOM data suggest a market that is stable but lacks the rapid turnover often seen in more dynamic rental markets.
To conclude, for landlords and small-portfolio investors, ZIP 49629 offers a balanced opportunity. It is not a volatile market ripe for flipping, nor is it a consistently high-flow cash generator. Instead, it provides a scenario where yields are moderately attractive, but the market requires careful consideration due to its low renter population and the need to navigate the eligibility criteria of the high median home value.
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.