Location: Wexford County, MI | Metro: Missaukee 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 | $780 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $183,239 | 0.61% | D |
| 3BR | $1,370 | $257,876 | 0.53% | F |
| 4BR | $1,610 | $326,528 | 0.49% | F |
U.S. Census Bureau data (2024)
Skeptical investors often question the viability of investing in ZIP code 49663, which encompasses Manton, Michigan. Here are some common concerns and the data that addresses them.
Will FMR $1,070 (metro FY 2026) cover the mortgage on a $225,523 home?
The Fair Market Rent (FMR) for ZIP 49663 in fiscal year 2026 is projected to be $1,070. This figure represents the average rent for a two-bedroom apartment in the area. To determine if this will cover the mortgage on a home priced at $225,523, we must consider the typical interest rates and loan terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly mortgage payment on a $225,523 home would be approximately $1,200. This exceeds the FMR by about $130 per month. However, it's important to note that property taxes and insurance can further increase the total monthly cost. Therefore, relying solely on the FMR to cover mortgage payments might not be sufficient without additional income sources or equity.
Is there enough renter demand at 15.1%?
The rental occupancy rate in ZIP 49663 stands at 15.1%. This percentage indicates the share of housing units occupied by renters. While this figure is relatively low compared to urban areas, it does suggest a stable demand for rental properties. The low rate could also mean less competition among landlords, potentially allowing for higher rents or better tenant retention. However, the data does not provide detailed insights into the reasons behind this low rental rate, such as local employment trends or the presence of seasonal residents. These factors could influence the actual demand and should be considered before making investment decisions.
Will vouchers keep pace with $864 market rents?
The average market rent for ZIP 49663 is $864. Vouchers, which are government subsidies for rent, typically cover a portion of the market rent. According to HUD guidelines, voucher amounts are adjusted annually based on local market conditions. If the adjustments align with the market rent, they should help cover the costs. However, the exact amount of voucher coverage is not specified in the provided data, and historical data suggests that vouchers may not always fully match market rents. Investors should verify the current voucher rates and their potential impact on rental income.
Investing in ZIP 49663 requires careful consideration of these factors. While the FMR and voucher system offer support, they may not fully cover the financial obligations associated with owning rental properties. Additionally, the rental demand, though stable, is lower than in many other areas, which could affect occupancy and rental rates.
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.