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Leelanau County/Lake Leelanau/49653

49653

ZIPSAFMR
Leelanau County, MI
Zillow

ZIP Investment Score

21Below average

095130300
BRFMR
Eff. Rent
0 BR$1,010$1,010
1 BR$1,230$1,230
2 BR$1,350$1,350
3 BR$1,620$1,620
4 BR$1,790$1,790
5 BR$2,059Not available
6 BR$2,367Not available
7 BR$2,722Not available
8 BR$3,131Not available

Purchase Price Calculator

Maximum purchase price
$138,693

Cost breakdown

+Likely effective rent$1,350
HUD FMRUsed$1,350
Market rentN/A
Est. payment standardN/A
-Principal and interest-$701
Loan amount$110,954
Down payment$27,739
Rate6.50%
Term30 years
-Operating costs-$449
Property taxes-$139
Insurance-$175
Utilities$0
HOA$0
Management-$135
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,839(78.7% ROI)
Projected value
$149,357
Return breakdown
Property appreciation+$10,664
Loan principal paid down+$3,975
Rental cash flow+$7,200
5-year hold
+$37,314(134.5% ROI)
Projected value
$156,918
Return breakdown
Property appreciation+$18,225
Loan principal paid down+$7,089
Rental cash flow+$12,000
10-year hold
+$79,737(287.5% ROI)
Projected value
$177,539
Return breakdown
Property appreciation+$38,846
Loan principal paid down+$16,892
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
--
Tax rate
--
Mortgage rate
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ZIP 49653 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49653 (Lake Leelanau, MI) is $1,350 a month. That is up 12.5% from $1,200 in FY 2026. Lake Leelanau is in the Leelanau 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 $1,500. Among 12 ZIP codes in Leelanau County, 49653 is tied for the 11th-highest two-bedroom rent (county range $1,350–$1,680). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49653 is 24% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49653
BedroomsFY 2027Change90–110% range
Studio$1,010+20.2%$909–$1,111
1BR$1,230+15.0%$1,107–$1,353
2BR$1,350+12.5%$1,215–$1,485
3BR$1,620+12.5%$1,458–$1,782
4BR$1,790+12.6%$1,611–$1,969

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49653
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,010$1,230$1,350$1,620$1,790
FY 2026$840$1,070$1,200$1,440$1,590
FY 2025$810$900$1,160$1,400$1,540
FY 2024area FMR$894$993$1,279$1,546$1,703
FY 2023area FMR$731$822$1,057$1,336$1,800

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

Two-bedroom rent in nearby Leelanau County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 49653
49621$1,370+1.5%
49630$1,400+3.7%
49636$1,520+12.6%
49640$1,3500.0%
49650$1,540+14.1%
49653Current$1,350—
49654$1,380+2.2%
49664$1,680+24.4%
49670$1,550+14.8%
49674$1,500+11.1%
49682$1,490+10.4%
49684$1,450+7.4%

Questions about ZIP 49653 rents

How much will Section 8 pay for a two-bedroom in ZIP 49653?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,500, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,350 to $1,650 a month; under the ZIP-level Small Area FMR of $1,350 it would be $1,215 to $1,485. 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 49653 in?

ZIP 49653 is in the Leelanau County, MI HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,500.

How much did fair market rent change in ZIP 49653 for FY 2027?

The two-bedroom FMR rose 12.5%, from $1,200 in FY 2026 to $1,350 in FY 2027. Since FY 2025 it has risen 16.4%.

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