Location: Antrim County, MI | Metro: Kalkaska County, MI HUD Metro FMR Area
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 | $950 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $321,454 | 0.36% | F |
| 3BR | $1,540 | $434,441 | 0.35% | F |
| 4BR | $1,670 | $718,168 | 0.23% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 49676 (Rapid City, MI) within the Antrim County, MI metro reveals several key points regarding its housing market. The Fair Market Rent (FMR) for the area, set at $1,110 for fiscal year 2026, is higher than the average market rent of $965. This suggests that landlords can potentially charge slightly above the market rate without exceeding the affordability threshold for low-income renters eligible for Section 8 assistance.
With a median home value of $383,517, Rapid City's housing market is on par with other ZIP codes in Antrim County, indicating a balanced residential real estate environment. However, the 9.2% renter share is notably lower than what might be expected in a typical metro area, suggesting a preference for homeownership over renting among residents. This could imply a less competitive rental market where landlords have more flexibility in setting rent prices.
Comparatively, Rapid City appears to be a mid-tier neighborhood within the Antrim County, MI metro. It neither stands out as a premium sub-market with exceptionally high rents or home values nor qualifies as a value pocket with significantly lower costs. The divergence between the higher FMR and lower renter share indicates an opportunity for landlords who can offer affordable rental units to tap into the Section 8 program, given the discrepancy between the actual market rent and the FMR.
In conclusion, while Rapid City is not a standout area for either premium or budget-conscious investors, it presents a moderate investment opportunity. Landlords should focus on properties that can meet or slightly exceed the market rent of $965 but remain under the FMR of $1,110 to attract Section 8 tenants effectively. Additionally, the relatively low renter share suggests potential for growth in the rental market, making it a viable option for small-portfolio investors looking to diversify their holdings within the Antrim County, MI metro.
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.