Location: Ontonagon County, MI | Metro: Gogebic County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 49947, located in the metro area projecting Fair Market Rent (FMR) at $970 for fiscal year 2026, presents a unique market dynamic that is worth analyzing for both landlords and small-portfolio investors. The current snapshot of the market shows a median home value of $218,681, indicating a stable residential environment. However, the absence of specific market rent data and the percentage of price-cut share suggests limited recent activity, which could imply either a lack of significant change or a controlled market without drastic fluctuations.
With only 1.8% of the population identified as renters, it's clear that homeownership dominates in this region. This low renter share can be indicative of several underlying conditions. Firstly, it suggests that there might be less immediate demand for rental properties, which could mean that landlords should prepare for a potentially slower turnaround on investments. Secondly, the predominance of homeowners could indicate a higher level of economic stability among residents, as they have chosen to invest in property rather than rent. This trend, however, also implies long-term housing pressure may be lower compared to areas with a higher renter share, as fewer individuals are likely to be seeking rental accommodation over extended periods.
The dynamics of this market suggest that while it may not be experiencing rapid growth or decline, the balance between supply and demand leans towards supply slightly outpacing demand. This inference is based on the low renter share, which often correlates with a market where homeownership is favored, leading to a surplus of potential rental units. For landlords and small-portfolio investors, this means that competition for tenants could be high, necessitating a focus on maintaining quality properties to attract and retain renters.
In conclusion, ZIP 49947 offers a stable but perhaps less dynamic market for rentals, with a strong emphasis on homeownership. Investors should consider these factors when deciding whether to enter or expand in this market, understanding that success may require a strategic approach to property management and maintenance.
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.