Location: Leelanau County, MI | Metro: Leelanau 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 | $1,300 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,780 | $716,097 | 0.25% | F |
| 4BR | $1,960 | $880,041 | 0.22% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 49682 in Leelanau County, MI, reveals a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area is set at $1,380 per month for the fiscal year 2026, which is notably higher than the market rent of $1,170 reported by the Census ACS. This indicates that voucher tenants can cashflow comfortably at the HUD FMR rate, providing a significant buffer against market fluctuations.
To further understand the investment potential, consider the median home value in the area, which stands at $611,367. Using this figure, we can derive a rent-to-price ratio of approximately 1:445, suggesting that rental income represents about 0.25% of the property's value annually. This ratio supports the notion that rental income alone might not be the primary driver of investment returns in this area, but it does provide a stable and predictable source of cash flow.
Regarding the days on market (DOM) and price-cut share, both figures are marked as N/A, indicating a lack of recent sales data or significant price adjustments. However, given the high median home value and the favorable rent-to-FMR differential, the primary investment angle in ZIP 49682 is likely to be cashflow. Landlords can expect consistent and reliable income from voucher tenants without the need for premium unit upgrades, making this an attractive option for those seeking steady returns.
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.