Location: Chippewa County, MI | Metro: Chippewa County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The ZIP code 49724 is situated in a tranquil suburban neighborhood, primarily characterized by its low density and quiet residential streets. With a total population of 1,231, it is predominantly owned by homeowners, as only 4.1% of the residents are renters. The median household income in this area stands at $82,321, indicating a relatively affluent community. The median home value is $230,902, reflecting the moderate to high cost of property ownership in this ZIP code.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 49724, as determined by the Department of Housing and Urban Development (HUD) for the metro area in fiscal year 2026, is set at $1,070. However, due to the limited number of renters, specific market rent data is not available. This scarcity of rental data suggests a niche market where demand for rentals is minimal compared to homeownership.
Given these characteristics, ZIP 49724 may not be an ideal location for hands-off voucher operators. The low percentage of renters and the lack of robust rental market data indicate that there would be fewer opportunities for passive rental management. Instead, this ZIP code could be more suitable for hands-on value-add buyers who are willing to invest in properties with the potential to convert them into attractive rental units or to develop rental properties that cater to the specific needs of the local market. These investors should focus on identifying unique opportunities where they can create value through renovation or strategic positioning, taking advantage of the area's affluence and moderate home values to attract tenants.
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.