Location: Menominee County, MI | Metro: Menominee County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 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)
The ZIP code 49848 stands as a market in motion, with significant dynamics at play that can inform both landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area, set at $970 for the fiscal year 2026, provides a benchmark for rental pricing expectations. Although specific current market rents are not available, the absence of recent fluctuations suggests a stable environment, albeit one that requires close monitoring.
The lack of data on price-cut share and days on market (DOM) indicates that there isn't a surplus of properties being listed below their initial asking prices or sitting idle for extended periods, which would signal an oversupply in the market. This stability points towards a scenario where demand meets supply, creating a balanced market. However, the absence of median home value data means we cannot fully assess the overall health of the housing market in terms of property appreciation or depreciation trends.
A standout figure is the 18.3% renter share, which reveals a substantial portion of the population opts for renting over owning. This statistic suggests long-term housing pressure, as renters often indicate a segment of the population that may be priced out of homeownership due to financial constraints or preference. In a broader context, a higher renter share can lead to sustained demand for rental properties, benefiting landlords and investors who focus on the rental market. It also implies that any changes in economic conditions could significantly impact the rental market's dynamics, making it crucial for investors to stay informed about local economic indicators.
In summary, ZIP 49848 presents itself as a market where demand currently matches supply, supported by steady FMR figures. The notable renter share underscores a persistent need for rental units, offering a promising outlook for those invested in the rental sector. Understanding these dynamics allows for strategic decision-making in property management and investment, ensuring alignment with the ZIP's current market conditions.
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.