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MI/Grand Traverse County/Traverse City

Traverse City, MI

CitySAFMR
Grand Traverse County
Found 4 ZIPs
Zillow

City Median Investment Score

52Below average

095130300
BRFMR
Eff. Rent
0 BR$1,180 – $1,320$1,300 – $1,430
1 BR$1,180 – $1,320$1,300 – $1,450
2 BR$1,430 – $1,600$1,490 – $1,760
3 BR$1,850 – $2,100$1,520 – $2,310
4 BR$1,920 – $2,150$2,060 – $2,370
5 BR$2,248Not available
6 BR$2,585Not available
7 BR$2,973Not available
8 BR$3,419Not available

Public Housing Authority

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Rolodex

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Market Alignment

Studio
2
0.76-0.89
1 BR
2
2
0.67-0.76
2 BR
2
0.68-0.96
3 BR
2
0.78-1.22
4 BR
2
0.67-0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
--
Mortgage rate
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Traverse City, MI fair market rent, FY 2027

For FY 2027, HUD's two-bedroom Small Area Fair Market Rent across the 4 ZIP codes in Traverse City, MI ranges from $1,430 to $1,600 a month, with a median of $1,460. That is up 6.2% from $1,375 in FY 2026. Traverse City is in the Grand Traverse County, MI HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,436. The median county two-bedroom FMR in Michigan is $1,085, so Traverse City is 35% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for Traverse City, MI
BedroomsFY 2027Change90–110% range
Studio$1,210+6.6%$1,089–$1,331
1BR$1,225+4.7%$1,103–$1,348
2BR$1,460+6.2%$1,314–$1,606
3BR$1,905+8.5%$1,715–$2,096
4BR$1,955+7.4%$1,760–$2,151

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for Traverse City, MI
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,210$1,225$1,460$1,905$1,955
FY 2026$1,135$1,170$1,375$1,755$1,820
FY 2025$1,030$1,070$1,265$1,555$1,675
FY 2024area FMR$1,044$1,061$1,232$1,490$1,641
FY 2023area FMR$750$914$1,085$1,321$1,458

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent by ZIP code

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. median
49685$1,600+9.6%
49696$1,470+0.7%
49684$1,450−0.7%
49686$1,430−2.1%

Questions about Traverse City, MI rents

How much will Section 8 pay for a two-bedroom in Traverse City, MI?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,436, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,292 to $1,580 a month; under the ZIP-level Small Area FMR of $1,460 it would be $1,314 to $1,606. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is Traverse City, MI in?

Traverse City, MI is in the Grand Traverse County, MI HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,436.

How much did fair market rent change in Traverse City, MI for FY 2027?

The two-bedroom FMR rose 6.2%, from $1,375 in FY 2026 to $1,460 in FY 2027. Since FY 2025 it has risen 15.4%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentMI statewide rentsWhat is SAFMR?Data sources