Location: Mason County, MI | Metro: Lake 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 | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $212,289 | 0.5% | F |
| 3BR | $1,410 | $275,649 | 0.51% | F |
U.S. Census Bureau data (2024)
In Irons, Michigan, represented by ZIP code 49644, the real estate market presents a nuanced scenario for both landlords and small-portfolio investors. The median home value stands at $194,578, indicating a stable housing price environment. A notable observation is that only 0.1% of listings have been reduced, which suggests strong seller pricing power and a market where homes are holding their values well. This low reduction rate is indicative of limited downward pressure on prices, supporting the notion that home values will likely remain steady or potentially appreciate slightly over the next 12-24 months.
The median days on market (DOM) being listed as N/A can be interpreted in two ways: either there is insufficient data to provide an accurate measure, or it could imply that homes are selling very quickly, possibly before the listing period is complete. Given the context of the low listing reduction rate, the latter interpretation seems more plausible, reinforcing the idea of a robust local market.
Moving to the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $970, while current market rents are at $930 according to the Census ACS. This slight upward trend in expected rental rates suggests that landlords in ZIP 49644 can anticipate modest increases in rental income in the coming years. However, the gap between FMR and current market rents is relatively narrow, implying limited room for significant rent hikes.
For long-hold investors, the setup implies a realistic appreciation thesis rather than a speculative one. The stability in home values and the slow but steady increase in rental rates indicate that while substantial capital gains might not be imminent, maintaining property values and gradually increasing rental income are reasonable expectations. Investors should focus on properties that offer good quality and are well-positioned within the community, as these are likely to hold their value better over time.
In summary, the combination of a stable median home value, minimal listing reductions, and a modest increase in rental rates points towards a market that favors maintaining current asset values and gradually growing rental income. Landlords and investors should be prepared for a steady, rather than explosive, growth trajectory in ZIP 49644.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.