Section 8 Fair Market Rent (FMR) for ZIP 49935 - 2027

Location: Iron County, MI | Metro: Iron County, MI

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$900
2 Bedrooms	$1,180
3 Bedrooms	$1,410
4 Bedrooms	$1,550
5 Bedrooms	$1,798
6 Bedrooms	$2,014
7 Bedrooms	$2,175
8 Bedrooms	$2,284

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,841

Median Household Income

$57,236

Housing Units

4,488

Renter Percentage

19.6%

Occupancy Rate

60.1%

Renter Occupied

528

The ZIP code 49935, located in a suburban area of Michigan, offers a stable environment for real estate investment, particularly in the context of Section 8 housing. This region has seen consistent demand for affordable rental properties, making it an attractive market for landlords and small-portfolio investors looking to secure long-term returns.

Fair Market Rent (FMR): The FMR for ZIP 49935 stands at $1,100 for the fiscal year 2026, indicating the maximum amount that can be charged for Section 8 housing in this area.
Market Rent: According to Census ACS data, the average market rent in ZIP 49935 is $490, which is significantly lower than the FMR, suggesting a potential opportunity for landlords to capitalize on the difference.
Median Home Value: The median home value in this ZIP code is $138,415, providing a clear indication of the property values and affordability within the area.
Renter Share: With 19.6% of residents being renters, there is a notable segment of the population relying on rental properties, including those eligible for Section 8 assistance.
Median Income: The median income for households in ZIP 49935 is $57,236, which aligns well with the eligibility requirements for Section 8 housing, ensuring a steady stream of qualified tenants.

Investors considering Section 8 properties in ZIP 49935 should note the significant gap between the Fair Market Rent and the current market rent, which could provide a margin for profit. The relatively low median home value suggests that this area is still accessible for those seeking to enter the real estate market. Additionally, the substantial portion of renters and the median income levels indicate a viable tenant pool. However, the lack of data on days on market (DOM) means that the speed at which properties can be leased up is uncertain, though the stable demand for affordable housing supports a positive outlook for occupancy rates.

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.