Location: Mackinac County, MI | Metro: Mackinac County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 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)
The potential pitfalls for landlords investing in ZIP 49827 under the Section 8 program are significant. Tenant turnover is a critical issue, with the market rent at $822 falling well below the Federal Market Rent (FMR) of $1,040 for fiscal year 2026 in the metropolitan area. This discrepancy can lead to higher vacancy rates as tenants who cannot afford the difference between their voucher and the actual rent may leave, seeking more affordable housing options.
Vacancy exposure is another concern. The Days on Market (DOM) figure is currently unavailable, which suggests that there might be challenges in accurately predicting how long properties will remain vacant before finding a new tenant. This uncertainty can affect cash flow and profitability, especially when considering the deferred maintenance costs that may arise.
The typical home value in ZIP 49827 stands at $180,590, while the median income is $46,827. These figures indicate that many residents may struggle to cover additional expenses such as deferred maintenance, which can quickly add up and impact the financial health of the property. Landlords must be prepared to invest in repairs and upgrades to ensure compliance with Section 8 standards, which can be costly.
However, these risks must be weighed against the high renter density in the area. With a 26.8% renter share, there is likely to be strong demand for rental properties, particularly those that accept Section 8 vouchers. High renter density often translates into a larger pool of potential voucher holders, increasing the likelihood of finding stable, long-term tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.