Skip to main content
Loading page
Iron County/Iron River/49935

49935

ZIPSAFMR
Iron County, MI
Zillow

ZIP Investment Score

107Above average

095130300
BRFMR
Eff. Rent
0 BR$840$840
1 BR$900$900
2 BR$1,180$1,180
3 BR$1,410$1,410
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
$113,431

Cost breakdown

+Likely effective rent$1,180
HUD FMRUsed$1,180
Market rentN/A
Est. payment standardN/A
-Principal and interest-$574
Loan amount$90,745
Down payment$22,686
Rate6.50%
Term30 years
-Operating costs-$406
Property taxes-$113
Insurance-$175
Utilities$0
HOA$0
Management-$118
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$19,173(84.5% ROI)
Projected value
$122,153
Return breakdown
Property appreciation+$8,722
Loan principal paid down+$3,251
Rental cash flow+$7,200
5-year hold
+$32,703(144.2% ROI)
Projected value
$128,337
Return breakdown
Property appreciation+$14,906
Loan principal paid down+$5,798
Rental cash flow+$12,000
10-year hold
+$69,585(306.7% ROI)
Projected value
$145,201
Return breakdown
Property appreciation+$31,770
Loan principal paid down+$13,815
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

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
--

ZIP 49935 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 49935 (Iron River, MI) is $1,180 a month. That is up 7.3% from $1,100 in FY 2026. Iron River 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, 49935 has the 2nd-highest two-bedroom rent (county range $1,010–$1,210). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 49935 is 9% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 49935
BedroomsFY 2027Change90–110% range
Studio$840+7.7%$756–$924
1BR$900+7.1%$810–$990
2BR$1,180+7.3%$1,062–$1,298
3BR$1,410+6.8%$1,269–$1,551
4BR$1,550+6.2%$1,395–$1,705

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 49935
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$840$900$1,180$1,410$1,550
FY 2026$780$840$1,100$1,320$1,460
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. 49935
49879$1,210+2.5%
49902$1,010−14.4%
49903$1,130−4.2%
49915$1,050−11.0%
49920$1,160−1.7%
49927$1,170−0.8%
49935Current$1,180—
49964$1,130−4.2%
49967$1,030−12.7%

Questions about ZIP 49935 rents

How much will Section 8 pay for a two-bedroom in ZIP 49935?

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 $1,180 it would be $1,062 to $1,298. 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 49935 in?

ZIP 49935 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 49935 for FY 2027?

The two-bedroom FMR rose 7.3%, from $1,100 in FY 2026 to $1,180 in FY 2027. Since FY 2025 it has risen 26.9%.

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