Location: Ontonagon County, MI | Metro: Ontonagon County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The market in ZIP code 49912 presents a dynamic environment that is currently in flux, driven by the interplay between supply and demand. With a Fair Market Rent (FMR) of $970 set for metro FY 2026, it's evident that the government has recognized the need to adjust rental standards to reflect current conditions. However, the actual market rent stands at $438 according to Census ACS data, suggesting that there is a significant gap between the FMR and what tenants are actually paying. This discrepancy indicates a market where demand may not be keeping pace with supply, or where there is an oversupply of units relative to the number of potential renters.
The lack of specific data on price-cut share and days on market (DOM) means we cannot directly measure the urgency of sales or rentals, but the lower-than-FMR market rent suggests that landlords might be offering competitive rates to attract tenants. The median home value data being unavailable points to either a limited dataset or a market that lacks a significant number of home sales transactions, which could imply a rental-heavy market rather than one focused on homeownership.
The 8.0% renter share is particularly telling. In a broader context, a low percentage of renters can indicate a strong preference for homeownership, which typically correlates with less housing pressure in the long term. However, in ZIP 49912, the combination of this low renter share with the disparity between FMR and market rent suggests a market where long-term housing pressures are likely to increase. As more residents opt for homeownership, the rental market becomes tighter, leading to higher rents as demand eventually catches up with supply.
In summary, ZIP 49912 appears to be a market characterized by a current oversupply of rental units, but with underlying dynamics that suggest growing long-term housing pressure due to a low renter share. Landlords and small-portfolio investors should closely monitor trends in both rental demand and home sales to anticipate shifts in the market and make informed decisions.
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.