Location: Iron County, MI | Metro: Iron County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 49927 in the metro area for fiscal year 2026 is set at $1,100. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit. It's important to note that this is the payment standard, which means it's the limit on what the government will pay for your rental property under the program. However, this does not necessarily reflect the actual rent you would receive from the tenant, as they are required to contribute a portion of their income towards rent.
In comparison, the average rent for the same ZIP code based on Census American Community Survey data is $685. This lower figure indicates that the FMR for Section 8 is above the local average, potentially offering higher returns for landlords who participate in the program.
The 7.5% renter share means that tenants participating in the Section 8 program must contribute 7.5% of their adjusted monthly income toward their rent. For example, if a tenant has an adjusted monthly income of $1,000, they would need to pay $75 toward rent. The remaining balance up to the FMR of $1,100 would be covered by the housing authority, ensuring that you receive the full payment standard.
To understand the potential demand for Section 8 rentals in ZIP 49927, consider the median household income of approximately $91,295. This suggests that a significant number of residents may qualify for the Section 8 program, as eligibility is based on income levels. Given the income disparity, there is likely strong demand for affordable housing options.
Before committing to a Section 8 rental property, verify that the property meets all the necessary inspection standards and requirements set by the local housing authority. These standards ensure that the property is safe, decent, and sanitary, which is crucial for maintaining the contract and receiving timely payments.
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.