Location: Iron County, MI | Metro: Iron County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,350 |
| 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 rental market in ZIP code 49903 is currently experiencing a dynamic shift, driven by the disparity between the Fair Market Rent (FMR) set at $970 for the fiscal year 2026 and the actual market rent of $713 as reported by the Census ACS. This indicates that while the government's benchmark for affordability is higher, the prevailing rents suggest a market where supply might be meeting or slightly exceeding demand, keeping prices lower than the FMR target.
The absence of specific data on price-cut share, days on market (DOM), and median home value does not provide a complete picture but implies a stable market condition. Landlords and small-portfolio investors should note that the actual market rent is significantly below the FMR, which could signal an opportunity to adjust pricing upwards without losing tenants, assuming the market remains steady.
The 11.3% renter share suggests a relatively low proportion of renters compared to homeowners in the area. However, this figure also points to potential long-term housing pressure. As the national trend towards renting continues to grow, areas with a smaller renter base may see increasing demand from renters in the future. This could translate into rising rents and greater occupancy rates for landlords who position their properties well in anticipation of these changes.
To summarize, ZIP 49903 presents a market where supply is currently sufficient to keep rents below the FMR. The modest renter share indicates a predominantly owner-occupied community, but it also signals a latent demand that could evolve over time as broader housing trends shift towards renting. Landlords and investors should monitor local economic indicators and national rental trends to make informed decisions about pricing and property management strategies.
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.