Bay County/Bay City/48708

48708

ZIPSAFMR

Bay County, MI

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ZIP Investment Score

75Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$800	$810	4.1%
1 BR	$800	$860	4.1%
2 BR	$1,010	$1,060	3.5%
3 BR	$1,380	$1,160	4.8%
4 BR	$1,490	$1,230	4.1%
5 BR	$1,713	Not available	4.1%
6 BR	$1,971	Not available	4.1%
7 BR	$2,266	Not available	4.1%
8 BR	$2,606	Not available	4.1%

Purchase Price Calculator

Maximum purchase price

$95,599

Cost breakdown

+Likely effective rent$1,060

HUD FMR$1,010

Market rent$1,080

Est. payment standard (105%)Used$1,060

-Principal and interest-$483

Loan amount$76,479

Down payment$19,120

Rate6.50%

Term30 years

-Operating costs-$377

Property taxes-$96

Insurance-$175

Utilities$0

HOA$0

Management-$106

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$17,291(90.4% ROI)

Projected value

$102,950

Return breakdown

Property appreciation+$7,351

Loan principal paid down+$2,740

Rental cash flow+$7,200

5-year hold

+$29,449(154.0% ROI)

Projected value

$108,162

Return breakdown

Property appreciation+$12,563

Loan principal paid down+$4,886

Rental cash flow+$12,000

10-year hold

+$62,419(326.5% ROI)

Projected value

$122,375

Return breakdown

Property appreciation+$26,776

Loan principal paid down+$11,643

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.98ratio

FMR$800

Market$820

vs market-$20

FMR is near market; voucher and private rents are aligned.

0.98

1 BR

0.90ratio

FMR$800

Market$890

vs market-$90

FMR is below market; voucher rent may lag private rents.

0.90

2 BR

0.94ratio

FMR$1,010

Market$1,080

vs market-$70

FMR is near market; voucher and private rents are aligned.

0.94

3 BR

1.19ratio

FMR$1,380

Market$1,160

vs market+$220

FMR is above market; underwrite to market rent.

1.19

4 BR

1.21ratio

FMR$1,490

Market$1,230

vs market+$260

FMR is above market; underwrite to market rent.

1.21

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: --

ZIP 48708 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48708 (Bay City, MI) is $1,010 a month. That is up 4.1% from $970 in FY 2026. Bay City is in the Bay City, 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 $1,055. Among 18 ZIP codes in Bay County, 48708 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 48708 is 7% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48708
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$760	$800	+5.3%	$720–$880
1BR	$770	$800	+3.9%	$720–$880
2BR	$970	$1,010	+4.1%	$909–$1,111
3BR	$1,320	$1,380	+4.5%	$1,242–$1,518
4BR	$1,430	$1,490	+4.2%	$1,341–$1,639

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48708
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$800	$800	$1,010	$1,380	$1,490
FY 2026	$760	$770	$970	$1,320	$1,430
FY 2025	$730	$730	$930	$1,250	$1,340
FY 2024	$710	$710	$910	$1,200	$1,320
FY 2023	$600	$660	$840	$1,100	$1,220

Two-bedroom rent in nearby Bay County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 48708
48642	$1,360	+34.7%
48650	$1,010	0.0%
48652	$1,210	+19.8%
48658	$1,010	0.0%
48659	$1,080	+6.9%
48706	$1,090	+7.9%
48707	$1,060	+5.0%
48708Current	$1,010	—
48710	$1,060	+5.0%
48732	$1,020	+1.0%
48747	$1,210	+19.8%
48757	$1,100	+8.9%

Questions about ZIP 48708 rents

How much will Section 8 pay for a two-bedroom in ZIP 48708?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,055, which applies unless the housing authority uses Small Area FMRs, that basic range is $950 to $1,161 a month; under the ZIP-level Small Area FMR of $1,010 it would be $909 to $1,111. 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 48708 in?

ZIP 48708 is in the Bay City, MI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,055.

How much did fair market rent change in ZIP 48708 for FY 2027?

The two-bedroom FMR rose 4.1%, from $970 in FY 2026 to $1,010 in FY 2027. Since FY 2023 it has risen 20.2%.

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 rent Bay City, MI fair market rent MI statewide rents What is SAFMR?Data sources