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Leelanau County/Suttons Bay/49682

49682

ZIPSAFMR
Leelanau County, MI
Zillow

ZIP Investment Score

27Below average

095130300
BRFMR
Eff. Rent
0 BR$1,300$1,300
1 BR$1,310$1,310
2 BR$1,490$1,490
3 BR$1,780$1,780
4 BR$1,960$1,960
5 BR$2,254Not available
6 BR$2,592Not available
7 BR$2,981Not available
8 BR$3,428Not available

Purchase Price Calculator

Maximum purchase price
$159,497

Cost breakdown

+Likely effective rent$1,490
HUD FMRUsed$1,490
Market rentN/A
Est. payment standardN/A
-Principal and interest-$807
Loan amount$127,598
Down payment$31,899
Rate6.50%
Term30 years
-Operating costs-$483
Property taxes-$159
Insurance-$175
Utilities$0
HOA$0
Management-$149
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,035(75.3% ROI)
Projected value
$171,761
Return breakdown
Property appreciation+$12,264
Loan principal paid down+$4,572
Rental cash flow+$7,200
5-year hold
+$41,111(128.9% ROI)
Projected value
$180,456
Return breakdown
Property appreciation+$20,959
Loan principal paid down+$8,152
Rental cash flow+$12,000
10-year hold
+$88,098(276.2% ROI)
Projected value
$204,170
Return breakdown
Property appreciation+$44,673
Loan principal paid down+$19,425
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 49682 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49682 (Suttons Bay, MI) is $1,490 a month. That is up 8.0% from $1,380 in FY 2026. Suttons Bay 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, 49682 has the 6th-highest two-bedroom rent (county range $1,350–$1,680). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49682 is 37% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49682
BedroomsFY 2027Change90–110% range
Studio$1,300+27.5%$1,170–$1,430
1BR$1,310+4.0%$1,179–$1,441
2BR$1,490+8.0%$1,341–$1,639
3BR$1,780+7.9%$1,602–$1,958
4BR$1,960+7.1%$1,764–$2,156

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49682
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,300$1,310$1,490$1,780$1,960
FY 2026$1,020$1,260$1,380$1,650$1,830
FY 2025$810$990$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. 49682
49621$1,370−8.1%
49630$1,400−6.0%
49636$1,520+2.0%
49640$1,350−9.4%
49650$1,540+3.4%
49653$1,350−9.4%
49654$1,380−7.4%
49664$1,680+12.8%
49670$1,550+4.0%
49674$1,500+0.7%
49682Current$1,490—
49684$1,450−2.7%

Questions about ZIP 49682 rents

How much will Section 8 pay for a two-bedroom in ZIP 49682?

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 $1,490 it would be $1,341 to $1,639. 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 49682 in?

ZIP 49682 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 49682 for FY 2027?

The two-bedroom FMR rose 8.0%, from $1,380 in FY 2026 to $1,490 in FY 2027. Since FY 2025 it has risen 28.4%.

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