Location: Marquette County, MI | Metro: Marquette County, MI
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,080 | $239,656 | 0.45% | F |
| 2BR | $1,280 | $297,022 | 0.43% | F |
| 3BR | $1,530 | $352,515 | 0.43% | F |
| 4BR | $1,810 | $422,476 | 0.43% | F |
| 5BR | $2,100 | $475,774 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 49855, located in Marquette, Michigan, presents a unique scenario when it comes to rental affordability. The median household income here stands at $62,083, which translates to an average monthly income of approximately $5,173.50 when divided by 12 months. However, the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is set at $1,731 per month. This means that a household would be spending roughly 33.5% of their monthly income on rent alone, assuming no other expenses.
To put this into perspective, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is $1,220. This figure represents the standard payment amount for housing assistance through the Section 8 Housing Choice Voucher program. Therefore, the difference between the ZORI ($1,731) and the FMR ($1,220) creates a significant affordability gap for renters. Households receiving Section 8 vouchers would find it challenging to cover the market rate without additional financial support, given that the voucher only covers up to $1,220 of the rent.
The ZIP code has a rental population of 41.3%, indicating that over 14,000 individuals are tenants. This substantial portion of the 33,876 total population highlights the importance of rental properties in the local economy. The affordability gap suggests that landlords might face increased competition from those willing to accept Section 8 vouchers, especially if the majority of potential tenants cannot afford the market rate without assistance.
For landlords considering whether to adopt a voucher-friendly strategy or stick to cash-paying tenants, the decision should hinge on the balance between the administrative complexities of working with vouchers and the stability they provide. While accepting vouchers can limit the rent to $1,220, it ensures a steady stream of income and reduces vacancy rates. On the other hand, relying on cash-paying tenants could potentially yield higher monthly rents but requires a tenant base capable of paying the ZORI of $1,731, which is not feasible for many households based on their median income.
The takeaway for landlords is that understanding the local affordability landscape is crucial. In ZIP 49855, where the median income is lower than the market rent, being flexible with voucher acceptance can be a strategic advantage in attracting and retaining tenants. Landlords who embrace this approach may secure a more stable occupancy rate, despite the lower rent ceiling imposed by the voucher program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.