Location: Houghton County, MI | Metro: Baraga County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
5.7% of the population in ZIP 49958 are renters, indicating a modest demand for rental properties in the area. With a median income of $40,893, potential tenants have a stable financial base but may be sensitive to cost fluctuations. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, providing a benchmark for rental pricing. However, the lack of specific market rent data (N/A) suggests limited local competition or data availability, which could either work in favor of landlords or indicate a need for further investigation into rental trends.
$155,373 is the median home value in ZIP 49958, reflecting a relatively affordable market compared to many other regions. This figure is crucial for understanding the overall property value dynamics and can influence investment decisions. Given the absence of specific days on market (DOM) and price-cut share percentages (N/A), it's challenging to assess the liquidity and pricing flexibility of the housing market. Landlords and investors should consider these gaps when evaluating their investment strategies and property management approaches.
The combination of a known FMR and an affordable median home value presents opportunities for landlords and small-portfolio investors to offer competitive rental rates while maintaining profitability. However, the limited data on market rents and property liquidity indicators necessitates a cautious approach. Engage in thorough market analysis and consider the financial capabilities of the local tenant pool before making investment decisions.
Section 8 Verdict: ZIP 49958 offers a balanced opportunity with stable income levels and affordable property values, but landlords must navigate the uncertainty around local rental dynamics.
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.