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Iron County/Amasa/49903

49903

ZIPSAFMR
Iron County, MI
Zillow

ZIP Investment Score

125Above average

095130300
BRFMR
Eff. Rent
0 BR$810$810
1 BR$860$860
2 BR$1,130$1,130
3 BR$1,350$1,350
4 BR$1,490$1,490
5 BR$1,713Not available
6 BR$1,971Not available
7 BR$2,266Not available
8 BR$2,606Not available

Purchase Price Calculator

Maximum purchase price
$106,001

Cost breakdown

+Likely effective rent$1,130
HUD FMRUsed$1,130
Market rentN/A
Est. payment standardN/A
-Principal and interest-$536
Loan amount$84,801
Down payment$21,200
Rate6.50%
Term30 years
-Operating costs-$394
Property taxes-$106
Insurance-$175
Utilities$0
HOA$0
Management-$113
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,389(86.7% ROI)
Projected value
$114,152
Return breakdown
Property appreciation+$8,150
Loan principal paid down+$3,038
Rental cash flow+$7,200
5-year hold
+$31,347(147.9% ROI)
Projected value
$119,930
Return breakdown
Property appreciation+$13,929
Loan principal paid down+$5,418
Rental cash flow+$12,000
10-year hold
+$66,599(314.1% ROI)
Projected value
$135,690
Return breakdown
Property appreciation+$29,689
Loan principal paid down+$12,910
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 49903 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49903 (Amasa, MI) is $1,130 a month. That is up 16.5% from $970 in FY 2026. Amasa is in the Iron 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 $1,132. Among 9 ZIP codes in Iron County, 49903 is tied for the 5th-highest two-bedroom rent (county range $1,010–$1,210). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49903 is 4% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49903
BedroomsFY 2027Change90–110% range
Studio$810+17.4%$729–$891
1BR$860+16.2%$774–$946
2BR$1,130+16.5%$1,017–$1,243
3BR$1,350+15.4%$1,215–$1,485
4BR$1,490+15.5%$1,341–$1,639

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49903
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$810$860$1,130$1,350$1,490
FY 2026$690$740$970$1,170$1,290
FY 2025$650$710$930$1,150$1,240
FY 2024area FMR$613$689$905$1,195$1,283
FY 2023area FMR$552$628$826$1,150$1,174

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

Two-bedroom rent in nearby Iron County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 49903
49879$1,210+7.1%
49902$1,010−10.6%
49903Current$1,130—
49915$1,050−7.1%
49920$1,160+2.7%
49927$1,170+3.5%
49935$1,180+4.4%
49964$1,1300.0%
49967$1,030−8.8%

Questions about ZIP 49903 rents

How much will Section 8 pay for a two-bedroom in ZIP 49903?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,132, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,019 to $1,245 a month; under the ZIP-level Small Area FMR of $1,130 it would be $1,017 to $1,243. 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 49903 in?

ZIP 49903 is in the Iron County, MI non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,132.

How much did fair market rent change in ZIP 49903 for FY 2027?

The two-bedroom FMR rose 16.5%, from $970 in FY 2026 to $1,130 in FY 2027. Since FY 2025 it has risen 21.5%.

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