Location: Manistee County, MI | Metro: Manistee County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The potential pitfalls for a landlord investing in ZIP 49675 through the Section 8 program are significant. First, tenant turnover poses a substantial challenge. At a market rent of $575, the gap between the actual rent and the Fair Market Rent (FMR) of $970 for fiscal year 2026 suggests a higher likelihood of tenants leaving once they secure better rental deals. This can lead to frequent disruptions and increased administrative costs.
Vacancy exposure is another critical issue. The data shows that the average days on market (DOM) is not available, which could indicate either a highly competitive or unpredictable rental market. In either case, landlords must be prepared for periods of vacancy, during which they will not receive rental income.
Deferred maintenance is also a concern. With a typical home value of $339,026 and a median household income of $64,844, many homeowners might struggle to keep up with necessary repairs and improvements. This could result in lower-quality properties that are less attractive to tenants, increasing the risk of prolonged vacancies and higher maintenance costs.
However, these risks are offset by the high concentration of renters in the area. The 12.6% renter share indicates a robust demand for rental housing, which often translates into a higher number of Section 8 voucher holders looking for places to live. This demand can provide a steady stream of tenants, reducing the overall risk of vacancy and ensuring a reliable income source for landlords.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.