Location: Baraga County, MI | Metro: Baraga County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 49946 stands out due to its unique demographic and economic characteristics. With a total population of 3,757 residents, it has a rental rate of 20.9%, indicating a modest but present demand for rental properties. The median income in this area is $55,341, which is relatively low compared to the median home value of $164,615. This suggests that homeownership is significantly more expensive than the average income can support, making rental properties a necessary option for many.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970. However, the current market rent, as per Census ACS data, is $663. This discrepancy means that landlords who participate in the Section 8 program can potentially charge a higher rent than the current market rate, thus providing an opportunity to cover operational costs and generate a reasonable profit. It's important to note that while the FMR is higher, the actual rents paid under Section 8 are based on a tenant's income, so landlords should be prepared to negotiate.
The data signature for ZIP 49946 reads as "stable." The relatively low rental rate and high median home value suggest a community where homeownership is valued and prevalent. However, the modest median income indicates a need for affordable housing options, which Section 8 vouchers can provide. For landlords and small-portfolio investors, this ZIP code offers a balanced opportunity to serve a community that values stability while also benefiting from a government-supported rental assistance program.
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.