Location: Luce County, MI | Metro: Chippewa County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 49748 has a population of 222 residents, with 12.2% of them being renters. This indicates that the area is primarily dominated by homeowners rather than renters. Given the median household income of $56,250, it's important to note that specific market rent figures are not provided, making direct comparisons challenging. However, we can analyze the situation using the Fair Market Rent (FMR) which stands at $1,070 for FY 2026 in the metro area.
In an environment where the median income is $56,250, the FMR of $1,070 suggests that typical rent consumes approximately 20% of the local income. This calculation is based on the assumption that the market rent closely aligns with the FMR. To put this into perspective, if a household earns $56,250 annually, their monthly income would be around $4,687.50, meaning that the FMR represents roughly one-fifth of their monthly earnings.
The scarcity of vouchers in this ZIP code is reflected in its low percentage of renters. Landlords in this area should expect tenants who rely on Section 8 vouchers to have limited financial flexibility beyond their rental assistance. These tenants will likely be focused on finding housing that fits comfortably within their budget constraints, without much leeway for additional expenses such as higher rents or utilities.
To conclude, while there is a presence of Section 8 tenants, the overall demand for vouchers appears to be shallow due to the homeowner-dominated nature of the area. Landlords should prepare for tenants whose primary source of income is lower compared to the FMR, necessitating strict adherence to the voucher program guidelines and a focus on maintaining properties that meet the basic needs of these renters.
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.