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Hillsdale County/Homer/49245

49245

ZIPSAFMR
Hillsdale County, MI
Zillow

ZIP Investment Score

126Above average

095130300
BRFMR
Eff. Rent
0 BR$810$810
1 BR$970$970
2 BR$1,160$1,160
3 BR$1,390$1,390
4 BR$1,550$1,550
5 BR$1,782Not available
6 BR$2,050Not available
7 BR$2,357Not available
8 BR$2,711Not available

Purchase Price Calculator

Maximum purchase price
$110,459

Cost breakdown

+Likely effective rent$1,160
HUD FMRUsed$1,160
Market rentN/A
Est. payment standardN/A
-Principal and interest-$559
Loan amount$88,367
Down payment$22,092
Rate6.50%
Term30 years
-Operating costs-$401
Property taxes-$110
Insurance-$175
Utilities$0
HOA$0
Management-$116
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,859(85.4% ROI)
Projected value
$118,952
Return breakdown
Property appreciation+$8,493
Loan principal paid down+$3,166
Rental cash flow+$7,200
5-year hold
+$32,161(145.6% ROI)
Projected value
$124,974
Return breakdown
Property appreciation+$14,515
Loan principal paid down+$5,646
Rental cash flow+$12,000
10-year hold
+$68,391(309.6% ROI)
Projected value
$141,397
Return breakdown
Property appreciation+$30,938
Loan principal paid down+$13,453
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 49245 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49245 (Homer, MI) is $1,160 a month. That is up 2.7% from $1,130 in FY 2026. Homer is in the Hillsdale County, MI non-metropolitan 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 county-wide two-bedroom FMR of $1,022. Among 22 ZIP codes in Hillsdale County, 49245 has the 5th-highest two-bedroom rent (county range $1,010–$1,230). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49245 is 7% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49245
BedroomsFY 2027Change90–110% range
Studio$810+1.3%$729–$891
1BR$970+3.2%$873–$1,067
2BR$1,160+2.7%$1,044–$1,276
3BR$1,390+3.0%$1,251–$1,529
4BR$1,550+3.3%$1,395–$1,705

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49245
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$810$970$1,160$1,390$1,550
FY 2026$800$940$1,130$1,350$1,500
FY 2025$750$870$1,060$1,280$1,460
FY 2024$720$820$1,000$1,240$1,430
FY 2023$660$740$910$1,160$1,330

Two-bedroom rent in nearby Hillsdale County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 49245
49232$1,040−10.3%
49233$1,180+1.7%
49241$1,220+5.2%
49242$1,010−12.9%
49245Current$1,160—
49246$1,110−4.3%
49247$1,100−5.2%
49249$1,110−4.3%
49250$1,050−9.5%
49252$1,060−8.6%
49255$1,140−1.7%
49257$1,020−12.1%

Questions about ZIP 49245 rents

How much will Section 8 pay for a two-bedroom in ZIP 49245?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,022, which applies unless the housing authority uses Small Area FMRs, that basic range is $920 to $1,124 a month; under the ZIP-level Small Area FMR of $1,160 it would be $1,044 to $1,276. 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 49245 in?

ZIP 49245 is in the Hillsdale County, MI non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,022.

How much did fair market rent change in ZIP 49245 for FY 2027?

The two-bedroom FMR rose 2.7%, from $1,130 in FY 2026 to $1,160 in FY 2027. Since FY 2023 it has risen 27.5%.

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 rentHomer, MI fair market rentMI statewide rentsWhat is SAFMR?Data sources