Location: Cheboygan County, MI | Metro: Cheboygan County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The median income in ZIP code 49705 stands at $77,500, which places it within a moderate economic bracket. The market rate for rent, according to the Census ACS, is $688 per month. This figure represents the average rent cost for a typical unit in the area, making it accessible for most households earning the median income. However, when comparing this to the Fair Market Rent (FMR) standard set by the Housing Choice Voucher program, which is $970 for the metro area in fiscal year 2026, a significant disparity emerges.
This discrepancy means that while the majority of renters might find the market rate affordable, the voucher payment standard is considerably higher. For landlords, this implies that accepting vouchers could potentially offer higher rental income compared to the local market rate. Given that only 10.1% of the 865 residents are renters, the competition for rental properties is relatively low, but the demand for affordable housing remains high.
The affordability gap suggests that landlords who are willing to accept Section 8 vouchers will have an advantage over those who do not, as they can attract tenants who are eligible for higher subsidy payments. This strategy could be particularly beneficial in ZIP 49705 where the market rate is below the voucher payment standard.
Landlords should consider the following when deciding between voucher and cash-pay strategies:
In conclusion, landlords in ZIP 49705 can leverage the higher voucher payments to their advantage, offering a win-win situation where they receive increased rental income and tenants secure more affordable housing options. This approach aligns well with the economic realities of the area and the current demand for subsidized rentals.
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.