Location: Keweenaw County, MI | Metro: Keweenaw County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The ZIP code 49918 has a population of 163 residents, with 15.8% being renters. The median household income stands at $67,188. This indicates that the area is not heavily dominated by renters, but rather leans towards homeownership. As a result, the demand for Section 8 vouchers in this ZIP code is likely to be less intense compared to areas with a higher percentage of renters.
With the median household income being $67,188, it's important to consider how this compares to the market rent. However, the specific market rent figures are not available in the provided data. Despite this, we can still make a comparison to the Fair Market Rent (FMR), which is set at $970 for the fiscal year 2026 in the metro area.
To understand the impact of rent on local incomes, we need to calculate the percentage of income that would typically go towards rent. Assuming a market rent similar to the FMR, the monthly rent of $970 would consume approximately 1.44% of the annual median income. This calculation shows that rent is relatively affordable in relation to income levels in ZIP 49918.
Landlords in this area should expect tenants who are financially stable and capable of paying market rents without significant reliance on housing vouchers. The tenant profile will likely consist of individuals or families who can afford market rates and may have a preference for homeownership over renting. Given the low percentage of renters and the relatively high median income, the competition for Section 8 vouchers may be less fierce, allowing landlords to potentially set higher rental prices while still attracting tenants.
In conclusion, ZIP 49918 is not a renter-heavy area, and the deep voucher demand seen in other parts of the country is unlikely to be present here. Landlords should focus on attracting tenants who can pay close to or above market rates, as the financial stability of the area suggests a lower dependency on housing assistance programs.
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.