Location: Dickinson County, MI | Metro: Dickinson County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The market in ZIP code 49870 presents a dynamic equilibrium between rental and homeownership trends, with implications for both landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area is set at $980 for fiscal year 2026, indicating a government benchmark that reflects the rental market's potential. However, current market rents as reported by the Census ACS stand at $870, suggesting a gap between the FMR and actual rental rates. This discrepancy can be attributed to various factors including local economic conditions, the availability of affordable housing, and landlord pricing strategies.
The median home value in the area is $164,353. While the exact percentage of price-cut share and days on market (DOM) are not available, these figures would typically help determine if there is an over-supply or under-supply of homes. A high DOM might indicate a surplus of homes, whereas a low DOM could suggest strong demand. Similarly, a significant price-cut share would point towards a buyer's market, while a low share would favor sellers. Given the median home value, it appears that the area is attractive for first-time homebuyers and those seeking affordable homeownership options, which could explain why the market rent is lower than the FMR.
A 22.9% renter share in the population suggests a moderate level of housing pressure. This figure indicates that nearly one-quarter of the residents are renters, which can be indicative of a mix of affordability issues and lifestyle choices. For landlords, this means a steady stream of potential tenants, but also competition among rental properties. Long-term, this moderate renter share can signal a stable rental market, with neither extreme oversupply nor undersupply of rental units.
In summary, ZIP 49870 offers a balanced environment for real estate investment. The rental market shows signs of being slightly below the government's fair market assessment, which could mean landlords have room to adjust their rents upwards without deterring tenants. Meanwhile, the median home value points to a viable homeownership market, especially for those looking for entry-level or affordable housing options. The moderate renter share implies a consistent demand for rental properties, making it a favorable location for landlords and investors seeking to diversify their portfolios with both rental and ownership opportunities.
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.