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Leelanau County/Omena/49674

49674

ZIPSAFMR
Leelanau County, MI
Zillow

ZIP Investment Score

29Below average

095130300
BRFMR
Eff. Rent
0 BR$1,310$1,310
1 BR$1,320$1,320
2 BR$1,500$1,500
3 BR$1,790$1,790
4 BR$1,970$1,970
5 BR$2,266Not available
6 BR$2,605Not available
7 BR$2,996Not available
8 BR$3,446Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMRUsed$1,500
Market rentN/A
Est. payment standardN/A
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
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
--
Mortgage rate
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ZIP 49674 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49674 (Omena, MI) is $1,500 a month. That is down 5.7% from $1,590 in FY 2026. Omena 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, 49674 has the 5th-highest two-bedroom rent (county range $1,350–$1,680). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49674 is 38% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49674
BedroomsFY 2027Change90–110% range
Studio$1,310+11.0%$1,179–$1,441
1BR$1,320−9.0%$1,188–$1,452
2BR$1,500−5.7%$1,350–$1,650
3BR$1,790−6.3%$1,611–$1,969
4BR$1,970−6.6%$1,773–$2,167

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49674
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,310$1,320$1,500$1,790$1,970
FY 2026$1,180$1,450$1,590$1,910$2,110
FY 2025$940$1,200$1,350$1,630$1,790
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. 49674
49621$1,370−8.7%
49630$1,400−6.7%
49636$1,520+1.3%
49640$1,350−10.0%
49650$1,540+2.7%
49653$1,350−10.0%
49654$1,380−8.0%
49664$1,680+12.0%
49670$1,550+3.3%
49674Current$1,500—
49682$1,490−0.7%
49684$1,450−3.3%

Questions about ZIP 49674 rents

How much will Section 8 pay for a two-bedroom in ZIP 49674?

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 $1,500 it would be $1,350 to $1,650. 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 49674 in?

ZIP 49674 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 49674 for FY 2027?

The two-bedroom FMR fell 5.7%, from $1,590 in FY 2026 to $1,500 in FY 2027. Since FY 2025 it has risen 11.1%.

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