Location: Menominee County, MI | Metro: Dickinson County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The ZIP code 49892 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover is likely to be higher due to the significant gap between the market rent of $853 and the Fair Market Rent (FMR) of $1,060 for FY 2026. This disparity suggests that tenants may struggle to afford the higher FMR when they move out, leading to frequent changes in occupancy. Additionally, vacancy exposure is a concern since the days on market (DOM) data is unavailable, indicating potential difficulty in securing tenants quickly. The typical home value of $225,001 paired with a median income of $74,926 implies that many homeowners might also face financial constraints, increasing the risk of deferred maintenance. However, the high renter share of 10.3% points towards a robust demand for rental properties, which often translates into a greater number of Section 8 vouchers being utilized in the area.
To summarize, while there are notable risks associated with the lower market rents and potential financial strain on homeowners, the high concentration of renters provides a counterbalance. The presence of numerous Section 8 vouchers can mitigate some of the financial risks by ensuring steady income. Therefore, the overall risk for a first-time Section 8 landlord in ZIP 49892 is moderate.
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.