Location: Keweenaw County, MI | Metro: Houghton County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 49805 has a population of 365 individuals, with 9.3% being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties using Section 8 vouchers will be relatively low. The median household income in this ZIP code is $43,819, which provides a baseline for understanding the financial capabilities of potential tenants.
Although specific market rent figures are not available for ZIP 49805, we can compare the median income to the Fair Market Rent (FMR) of $970, as determined by HUD for fiscal year 2026. Given the median income, a typical rent of $970 would consume approximately 27% of the monthly income, assuming no other significant sources of revenue. This calculation is based on the annual income divided by 12 months, resulting in a monthly income of roughly $3,650. At $970 per month, the rent represents about one-third of the average monthly earnings, which is a manageable percentage for most households.
Landlords in ZIP 49805 should anticipate a tenant pool that is likely to be comprised of individuals who are either working at minimum wage jobs or receiving some form of public assistance. Tenants may have limited financial resources beyond their Section 8 vouchers, necessitating careful screening processes to ensure they can meet additional obligations such as utilities and maintenance fees. The scarcity of vouchers in the area means that landlords might face fewer applications compared to more densely populated areas with higher percentages of renters. However, those who do apply are likely to be serious about finding stable housing.
In conclusion, while ZIP 49805 is not a renter-heavy area, it still offers opportunities for landlords willing to work with Section 8 tenants. The expected tenant profile includes individuals with lower incomes who rely on government assistance to cover housing costs. Landlords should prepare for a smaller but potentially more dedicated pool of applicants, ensuring they understand the unique challenges and benefits of managing properties in this type of community.
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.