Location: Lake County, MI | Metro: Lake County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 49656 in metro FY 2026 is set at $1,070. This figure represents the payment standard under the Section 8 housing assistance program, which means it's the maximum amount the government will pay toward your tenant's rent. It does not reflect the total rent you can charge; rather, it's the ceiling for the subsidy portion.
To put this into context, the average local rent in ZIP 49656, based on the latest Census American Community Survey (ACS) data, is $1,007. This indicates that the FMR is slightly above the typical market rate, which could be beneficial if you're looking to cover costs and ensure a steady income stream.
The rental share in this area stands at 20.9%, meaning over one-fifth of households are renters. This suggests a reasonable demand for rental properties, particularly those participating in the Section 8 program. However, the competition might not be as fierce as in areas with higher rental shares.
If you're considering purchasing a property to rent out under Section 8, the median home value in ZIP 49656 is $168,463. This gives you an idea of the acquisition cost, though individual properties can vary widely depending on size, condition, and other factors.
Before proceeding with a Section 8 rental in ZIP 49656, verify that the property meets all the necessary requirements for the program. This includes passing a Housing Quality Standards (HQS) inspection, which ensures the property is safe, decent, and sanitary. The inspection criteria are designed to protect tenants and align with basic living standards.
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.