Location: Houghton County, MI | Metro: Houghton County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
55.9% of residents in ZIP 49931 are renters, indicating a strong demand for rental properties in the area. The $972 market rent figure, derived from Census ACS data, shows what tenants currently pay on average. However, the $1,120 Fair Market Rent (FMR) for metro areas in fiscal year 2026 suggests that rents could rise significantly, benefiting landlords who can adjust their pricing accordingly. With a median home value of $262,365, it's clear that property values are within reach for many investors, especially considering the median income of $50,408, which supports affordability.
The absence of data for days on market (DOM) and the percentage of price-cut shares indicates a stable local real estate market, without significant fluctuations or prolonged periods of unsold inventory. This stability is reassuring for investors looking to minimize risk. Moreover, the gap between the current market rent of $972 and the projected FMR of $1,120 suggests potential upside for those willing to invest in Section 8 properties. Given the high renter share and the favorable income-to-rent ratio, Section 8 housing in ZIP 49931 is likely to be well-utilized and financially viable.
To summarize, the data points to a robust rental market with room for growth. The combination of a substantial renter population, reasonable property values, and a growing gap between current market rents and future FMRs makes Section 8 investment in ZIP 49931 a promising opportunity. The verdict: Section 8 properties in ZIP 49931 are a good investment.
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.