Location: Iron County, MI | Metro: Iron County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The ZIP code 49915 presents a dynamic rental market that is indicative of a balance between supply and demand, though the data leans towards a slight surplus of supply. With a Fair Market Rent (FMR) set at $1,030 for the fiscal year 2026, this figure represents the upper boundary for what is considered affordable in the area for low-income families receiving federal housing assistance. In contrast, the actual market rent, as reported by the Census American Community Survey (ACS), stands at $780. This discrepancy suggests that landlords have some flexibility in pricing their properties below the FMR threshold, indicating a potential oversupply situation.
The median home value in ZIP 49915 is $70,063, which is notably lower than the typical U.S. median home value. This lower valuation could imply that homeownership is more accessible here compared to other areas, potentially explaining why only 17.0% of the population are renters. However, this same percentage also highlights a significant segment of the population that relies on rental housing, suggesting ongoing housing pressure despite the relatively low renter share.
The dynamics of the rental market in ZIP 49915 are influenced by several factors. The difference between the FMR and the market rent indicates that there might be competition among landlords to attract tenants, possibly leading to discounts or amenities that aren't reflected in the current data. Additionally, the lower median home value could mean that first-time homebuyers are finding opportunities to purchase rather than rent, which in turn affects the rental market's equilibrium.
In summary, ZIP 49915 operates with a rental market that is somewhat responsive to supply, but with a consistent base of renters that signals persistent demand. Landlords should be aware of the pricing flexibility and consider strategies to remain competitive without compromising profitability. The rental sector remains a vital component of the housing landscape, supporting nearly one in five residents who choose or need to rent their homes.
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.