Location: Menominee County, MI | Metro: Menominee County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The median income in ZIP code 49821 stands at $58,750. Considering the market rate for rent is $788 according to the Census ACS, it becomes evident that a significant portion of the local population may struggle to meet these costs without financial strain. This market rate represents a substantial burden on households when compared to their income levels.
In contrast, the federal payment standard for housing vouchers in this area is set at $1,440 for metro FY 2026. This figure far exceeds the current market rate, indicating a potential opportunity for landlords who accept vouchers. The disparity between the voucher payment and the market rate suggests that many renters might prefer the security and predictability of voucher-assisted housing over paying out-of-pocket at the market rate.
With only 7.2% of the 1,286 population being renters, competition among landlords in this area is likely to be fierce. The low number of renters means that each unit has the potential to attract a high level of interest, especially if it offers affordable rates or voucher acceptance. Landlords who position themselves as accepting vouchers could gain an advantage in securing tenants, given the higher payment standard relative to the market rate.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can provide a steady stream of rental income that is higher than the current market rate. This strategy can help landlords stand out in a competitive market where the number of available renters is limited. It also aligns with the financial reality faced by many local residents, making it a practical choice for attracting and retaining 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.