Location: Marquette County, MI | Metro: Alger County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
22.6% of residents in ZIP 49822 are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns well with the availability of Section 8 housing vouchers in the area. The Fair Market Rent (FMR) for ZIP 49822, set at $1,070 for the metro fiscal year 2026, serves as a benchmark for rental prices that are considered reasonable for the area. Landlords should note that this figure represents the maximum amount that can be charged to tenants participating in the Section 8 program.
$58,214 is the median income for the ZIP code, which provides insight into the economic status of the local residents. While the median home value and the average days on market (DOM) are not available, these figures suggest that the area has a mix of affordability and demand for rental properties. Given the lack of specific data on market rents and the percentage of price-cut share, it's advisable for landlords to closely monitor local trends to ensure their properties remain competitive and attractive to potential tenants.
In ZIP 49822, the presence of a substantial renter share combined with a defined FMR makes it a viable market for landlords and small-portfolio investors interested in the Section 8 program. However, the median income figure highlights the importance of maintaining reasonable rental rates to attract tenants who qualify for assistance. It's crucial to balance the need for covering property costs with the affordability constraints faced by many residents.
The Section 8 program in ZIP 49822 offers a stable source of rental income for landlords, with the government covering a significant portion of the tenant's rent. This can provide financial security, especially given the defined FMR of $1,070. Yet, landlords must also consider the administrative requirements and potential delays in payment associated with the program.
A final consideration is the maintenance of properties to meet the standards required by the Section 8 program. This ensures that landlords can continue to benefit from the program without facing disqualifications due to non-compliance with housing quality regulations. The combination of a 22.6% renter share and a clearly established FMR suggests that ZIP 49822 is a suitable location for those willing to engage with the Section 8 program.
Verdict: ZIP 49822 presents a solid opportunity for Section 8 participation, with a clear 22.6% renter base and an established FMR of $1,070, ensuring steady, government-backed rental income.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.