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 Fair Market Rent (FMR) for ZIP code 49971, set at $970 for the metro area fiscal year 2026, is a crucial figure for landlords and small-portfolio investors looking into their first Section 8 rental. This amount represents the payment standard that the government will cover for eligible tenants, but it's important to note that this is not the rent you can charge. The FMR is used to determine the maximum rent a landlord can receive through the program.
In ZIP 49971, the local market rent is currently listed as N/A, which means there isn't specific data available. However, using the FMR as a benchmark, landlords should ensure that the rent they charge is reasonable and competitive with other rentals in the area, even if the exact local market rate is unknown.
The demand for affordable housing in this area can be gauged by the 2.3% renter share, indicating that slightly over two percent of the population are renters who might qualify for Section 8 assistance. While this percentage seems low, it still represents a significant portion of potential tenants who could benefit from your property being part of the Section 8 program.
When considering the acquisition cost of a property, the median household income in the area stands at $88,701. This figure suggests that properties in this ZIP code are likely to be priced higher than average, reflecting the economic conditions of the area. If you're planning to purchase a property for Section 8, ensure that the price aligns with the FMR and the local market conditions to avoid overpaying.
Before committing to a Section 8 rental, verify that your property meets all the necessary standards and requirements. These include safety, habitability, and quality standards set by HUD. Failure to meet these criteria can result in penalties and loss of participation in the program, which would be detrimental to your investment.
In summary, the FMR of $970 provides a clear guideline for the maximum rent covered by the government for eligible tenants. With a 2.3% renter share, there is a steady demand for affordable housing. The median income of $88,701 implies higher property prices, so due diligence is essential to ensure the investment aligns with the expected returns. Finally, confirming that your property complies with HUD standards is critical before proceeding with a Section 8 rental.
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.