Location: Schoolcraft County, MI | Metro: Mackinac County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
8.8% of the population in ZIP 49836 are renters, indicating a modest demand for rental properties in the area. The Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $970, which provides a benchmark for what tenants can expect to pay under Section 8 guidelines. Comparatively, the average market rent based on Census ACS data stands at $592, suggesting that properties priced at or near the FMR could be attractive to those seeking higher returns or stabilization through government-backed payments. The median home value in the area is $216,505, reflecting a middle-class neighborhood where investment opportunities may exist in both single-family homes and multi-unit buildings. With a median income of $85,500, residents have the financial capacity to afford housing costs, but the gap between market rent and FMR indicates potential challenges for lower-income individuals without assistance. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the existing figures provide insight into the economic landscape. Given the discrepancy between the FMR and market rent, landlords and small-portfolio investors should consider the benefits of participating in the Section 8 program to ensure steady cash flow and occupancy rates.
The Section 8 program offers a stable source of income, especially when the FMR exceeds the typical market rent. In ZIP 49836, this means that landlords can potentially receive higher monthly payments than they would from market-rate tenants. Moreover, the program covers a significant portion of eligible applicants' rent, making it easier for landlords to find qualified tenants. However, it's important to note that participation requires adherence to HUD standards and regular inspections, which may involve additional costs and management efforts.
In conclusion, for ZIP 49836, the decision to accept Section 8 tenants hinges on the balance between the guaranteed income and the administrative requirements. Given the $970 FMR compared to the $592 market rent, the program presents an opportunity for landlords to secure reliable tenants while maintaining competitive rental yields.
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.