Location: Houghton County, MI | Metro: Houghton County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
ZIP code 49955 encompasses the town of Painesdale, located in Houghton County, Michigan. With a total population of 499, it is predominantly a homeownership community, where only 3.2% of residents are renters. The median household income stands at $64,402, indicating a relatively stable economic base.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 49955 is set at $1,020 for the metro fiscal year 2026. However, specific data on market rent is not available, which suggests limited rental housing options. This could be due to the town's small size and the high proportion of owner-occupied homes.
Considering the investment profile, ZIP 49955 might not be ideal for hands-off voucher operators given the scarcity of rental units. On the other hand, for hands-on value-add buyers, the opportunity lies in developing rental properties or converting existing ones to cater to the needs of low-income families who benefit from the Section 8 program. The stable income levels and the town's support for both business and residential activities make it a viable option for those willing to engage actively in property management and improvement.
In conclusion, while the direct rental market is underdeveloped, the potential for creating rental opportunities that align with Section 8 guidelines exists. Investors should focus on areas where they can add significant value, such as renovating older properties or building new rental units that meet the demand and comply with the FMR of $1,020.
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.