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 ZIP code 49929, located in Greenland, MI, is part of a small, tight-knit community with a total population of 121. Only 2.7% of residents are renters, indicating a predominantly owner-occupied housing market. The median household income is $42,708, which is relatively modest. Despite the lack of specific data for market rent, the median home value in this area is notably low, with sources reporting values ranging from $49,000 to $58,800. This places it significantly below the national average.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 49929 is set at $970 for the fiscal year 2026, based on metro area standards. This figure represents the maximum amount that a Section 8 tenant can pay towards their rent, making it a critical benchmark for landlords and small-portfolio investors. Given the low median home value and modest income levels, the FMR appears to be a reasonable rate for the area.
The question then arises whether this location suits a hands-off voucher operator or requires a hands-on approach for a value-add buyer. Considering the low rental demand and the high proportion of homeownership, the area may not attract many Section 8 tenants. For those interested in hands-off management, the low property values could present an opportunity for acquiring assets at a discount, though the number of potential tenants might be limited. On the other hand, a value-add buyer looking to renovate and improve properties would likely face challenges due to the small size of the community and the already low median home values. Such investments would need to be carefully considered to ensure they align with the local economic conditions and demand.
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.