Location: Marquette County, MI | Metro: Iron 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 | $840 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,020 | $197,578 | 0.52% | F |
| 2BR | $1,210 | $177,673 | 0.68% | D |
| 3BR | $1,440 | $204,251 | 0.71% | D |
U.S. Census Bureau data (2024)
12.2% of the population in ZIP 49879, Republic, MI, are renters, indicating a modest demand for rental properties in the area. However, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,100, which is slightly above the current market rent of $1,049 according to Census ACS data. This suggests that there could be an opportunity for landlords to slightly increase rents without significantly impacting occupancy rates.
$168,054 is the median home value in ZIP 49879, suggesting that homeownership is relatively affordable compared to other regions. The median income of $49,471 indicates that residents have the financial capacity to support rental prices around the FMR, especially if they are seeking alternatives to homeownership due to economic reasons or personal preferences.
The absence of data on days on market (DOM) and the percentage of price-cut shares implies that the rental market in Republic, MI, might not experience significant fluctuations or prolonged vacancy periods. This stability can be beneficial for small-portfolio investors looking for consistent cash flow without the need for frequent tenant turnover or rent adjustments.
In summary, the rental market in ZIP 49879 offers a balanced environment where landlords can expect reasonable returns on their investments. With the FMR slightly exceeding the current market rent and a stable median income level, there is potential for steady growth in rental income. Furthermore, the manageable renter share of 12.2% suggests a market that is neither oversaturated nor underserved, providing a good entry point for new landlords.
$1,100 FMR aligns well with the local economy, making it a viable target for Section 8 participation.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.