FMR is below market; voucher rent may lag private rents.
0.81
1 BR
1 BR
0.94ratio
FMR$890
Market$950
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.94
2 BR
2 BR
1.00ratio
FMR$1,140
Market$1,140
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
3 BR
3 BR
0.93ratio
FMR$1,460
Market$1,570
vs market-$110
FMR is near market; voucher and private rents are aligned.
0.93
4 BR
4 BR
0.89ratio
FMR$1,500
Market$1,680
vs market-$180
FMR is below market; voucher rent may lag private rents.
0.89
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 48605 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48605 (Saginaw, MI) is $1,140 a month. That is up 1.8% from $1,120 in FY 2026. Saginaw is in the Saginaw, MI MSA. 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 $1,141. Among 33 ZIP codes in Saginaw County, 48605 is tied for the 15th-highest two-bedroom rent (county range $1,010–$1,400). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48605 is 5% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 48605
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$770
$790
+2.6%
$711–$869
1BR
$850
$890
+4.7%
$801–$979
2BR
$1,120
$1,140
+1.8%
$1,026–$1,254
3BR
$1,440
$1,460
+1.4%
$1,314–$1,606
4BR
$1,480
$1,500
+1.4%
$1,350–$1,650
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 48605
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$790
$890
$1,140
$1,460
$1,500
FY 2026
$770
$850
$1,120
$1,440
$1,480
FY 2025
$710
$790
$1,040
$1,350
$1,380
FY 2024
$680
$760
$1,000
$1,290
$1,330
FY 2023
$620
$710
$930
$1,180
$1,250
Two-bedroom rent in nearby Saginaw County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 48605?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,141, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,027 to $1,255 a month; under the ZIP-level Small Area FMR of $1,140 it would be $1,026 to $1,254. 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 ZIP 48605 in?
ZIP 48605 is in the Saginaw, MI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,141.
How much did fair market rent change in ZIP 48605 for FY 2027?
The two-bedroom FMR rose 1.8%, from $1,120 in FY 2026 to $1,140 in FY 2027. Since FY 2023 it has risen 22.6%.
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