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 49948, with a population of 581, has a relatively low percentage of renters at 7.0%. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. Given the median household income of $73,063, the rental market appears to be less influenced by the demand for housing vouchers.
Despite the low renter percentage, the median household income suggests that tenants who do rent could afford higher rents than the Fair Market Rent (FMR) of $970, which is set for the fiscal year 2026. The typical market rent is not specified, but we can infer that it likely exceeds the FMR given the higher median income levels.
To determine the affordability of typical market rent relative to local income, we would need the exact figure. However, if we assume the market rent is similar to the FMR, then the average renter in ZIP 49948 would spend approximately 13.2% of their income on rent. This is calculated by taking the FMR ($970) and dividing it by the monthly equivalent of the median household income ($73,063 / 12 months = $6,088.58), resulting in a ratio of 16%. For clarity, the actual percentage spent on rent will depend on the true market rent value.
The scarcity of vouchers in this area means that landlords can expect tenants who are financially capable of paying market rates without subsidy assistance. These tenants are likely to have stable incomes and be able to cover the cost of rent comfortably. Landlords should prepare for a tenant pool that values privacy and potentially larger living spaces, characteristics often found in areas with fewer renters and higher median incomes.
In summary, ZIP 49948 is not a prime location for Section 8 tenants due to its low renter percentage and higher median income. The typical renter here can afford market rates that exceed the $970 FMR, indicating a relatively affluent tenant base. Landlords should focus on attracting tenants who prefer independent living and can sustainably pay rent without relying on housing vouchers.
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.