Location: Cheboygan County, MI | Metro: Cheboygan County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
In ZIP code 49791, located in Cheboygan County, Michigan, the market presents a unique opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for the area is set at $1,050 per month for the fiscal year 2026, which is significantly lower than the market rent of $1,750 as reported by the Census ACS. This disparity means that landlords accepting Section 8 vouchers will only achieve positive cash flow with premium units, where rents are closer to the market rate. However, the lower FMR does not necessarily indicate a poor investment; it can be leveraged to create competitive pricing strategies.
The median home value in ZIP 49791 is $249,008, leading to a rent-to-price ratio of approximately 0.5%. This low ratio suggests that the area may favor rental investments over homeownership, as the returns on rental properties appear more attractive relative to property values. It's important to note that the median days on market (DOM) and the percentage of price cuts are not available for this ZIP code, but these metrics would typically help investors gauge the strength of the local housing market.
The strongest angle for investors in this market is likely stability. Given the consistent demand for affordable housing and the fixed nature of Section 8 payments, landlords can expect steady income without the volatility often associated with market-rate rentals. While cash flow may be modest with standard units, the long-term stability and predictability of tenant payments make this an appealing investment for those seeking reliable returns.
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.