Location: Marquette County, MI | Metro: Dickinson County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,280 |
| 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 market in ZIP code 49831 presents a unique snapshot of housing dynamics, particularly for those interested in Section 8 real estate. With a Fair Market Rent (FMR) set at $1,000 for fiscal year 2026, it's clear that the rental landscape is defined by affordability. However, the absence of recent market rent data suggests a less active rental sector, which could indicate either a lack of demand or a limited supply of rental properties available for Section 8 tenants.
The median home value of $163,107 places 49831 among areas with relatively low property costs, making it attractive for first-time buyers and investors looking to enter the market at a lower threshold. This figure also hints at the potential for rental income to be competitive relative to ownership costs, but without specific data on the percentage of price cuts or days on market (DOM), it's challenging to definitively state whether supply is currently outpacing demand or vice versa.
A 4.7% renter share is notably low, suggesting that homeownership is the dominant form of housing in 49831. Despite this, the low renter share doesn't necessarily correlate with reduced long-term housing pressure. Instead, it points to a community that may prioritize homeownership over renting, possibly due to economic stability, family structures, or cultural preferences. This dynamic can create steady demand for rental properties, especially those that cater to the needs of Section 8 tenants, ensuring that landlords who provide affordable units are likely to find a consistent tenant pool.
In conclusion, ZIP 49831 offers a market where affordability is key, both in terms of rental rates and home values. The low renter share implies a strong preference for homeownership, which can sustain a niche but stable rental market. Landlords and small-portfolio investors should focus on providing high-quality, affordable units to capitalize on the existing demand and align with the area's economic realities.
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.