Location: Wexford County, MI | Metro: Lake County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 49688, as set by HUD for metro FY 2026, is $1,270. This figure represents the payment standard for Section 8 vouchers in your area, meaning it's the maximum amount the government will pay toward rent for a unit deemed comparable in quality to market-rate rentals. It does not represent the total rent you would charge; rather, it caps the portion covered by the voucher.
In comparison, the average local rent in ZIP 49688, based on Census ACS data, is $1,091. This suggests that the FMR is slightly higher than the typical rent, which can be beneficial for landlords participating in the Section 8 program. The difference between these two figures indicates that the government aims to cover rents that are above the average, potentially allowing you to earn more than the median local rent.
The 16.1% renter share in ZIP 49688 points to a moderate demand for rental properties. While not extremely high, it does suggest a steady pool of tenants who might rely on Section 8 vouchers. With an average home acquisition cost of around $231,890, the decision to convert a property into a rental should be made carefully, considering the potential long-term income from Section 8 tenants versus the costs of ownership and maintenance.
Before proceeding, it's crucial to verify that your property meets the minimum housing quality standards known as Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary, and failing to meet them could disqualify you from the program. Once you confirm compliance with HQS, you can confidently move forward with your Section 8 rental plans.
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.