Location: Gogebic County, MI | Metro: Gogebic County, MI
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The ZIP code 49959, with a median income of $47,500, presents a unique challenge for renters seeking affordable housing. The market rate for rentals is currently listed as N/A, which makes it difficult to assess the exact affordability gap without additional data. However, we can compare the median income to the Fair Market Rent (FMR) standard set by the government for Section 8 vouchers, which stands at $980 per month for the metro area in fiscal year 2026.
Given that only 9.8% of the 372 residents are renters, competition among tenants is likely low. This means landlords might face fewer applicants overall, but those who do apply will be heavily reliant on government assistance due to the limited financial capacity of the average household.
To put this into perspective, a household earning the median income would have difficulty affording even the FMR-standard rental without significant financial strain. If we assume a typical rent-to-income ratio of 30%, then a household earning $47,500 could reasonably afford around $1,187.50 per month in rent. However, since the actual market rate is unknown, it is prudent to consider that it could be higher than the FMR, further widening the affordability gap.
The takeaway for landlords is clear: focusing on voucher-supported tenants is a strategic move in this ZIP code. Given the low percentage of renters and the reliance on government assistance, there is less competition for cash-paying tenants. Landlords should prepare to meet the requirements for accepting vouchers, including maintaining properties to certain standards and undergoing regular inspections. This approach ensures a steady stream of tenants and aligns with the financial realities of the local population.
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.