HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Iron County, Michigan (FY 2026)
A two-bedroom in Iron County carries a FY 2026 Fair Market Rent of $1,068 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Iron keys off that figure.
2 bedroom FMR
$1,068
FY 2026, utilities included
Payment standard range
$961 to $1,175
90% to 110% of FMR
Income to afford 2BR
$42,720
per year, at 30% of income
Rank in Michigan
35th of 83
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Iron moves to $1,132. That's up 6%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Iron actually rent for?
Search any address in Iron for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $756 | $680 to $832 | $30,240 | $14.54/hr | +15.6% |
| 1 bedroom | $814 | $733 to $895 | $32,560 | $15.65/hr | +14.5% |
| 2 bedroom | $1,068 | $961 to $1,175 | $42,720 | $20.54/hr | +14.5% |
| 3 bedroom | $1,281 | $1,153 to $1,409 | $51,240 | $24.63/hr | +11.3% |
| 4 bedroom | $1,414 | $1,273 to $1,555 | $56,560 | $27.19/hr | +14.3% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $1,626 | $1,463 to $1,789 |
| 6 bedroom Estimate | $1,838 | $1,654 to $2,022 |
| 7 bedroom Estimate | $2,050 | $1,845 to $2,255 |
| 8 bedroom Estimate | $2,262 | $2,036 to $2,488 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Iron, that runs from $756 for a studio up to $1,414 for four bedrooms, all five rates in the table above.
Because Iron sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Alpha included.
Among Michigan's 83 counties, Iron ranks 35th for two-bedroom FMR. That's about 3% above the state median of $1,033 and about 5% above the national median county at $1,018. About 11,585 people live here, 73rd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $970 in 49902 (Alpha) and $1,100 in 49920 (Crystal Falls), with the 7 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Iron somewhere between $961 and $1,175. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,068 a month is affordable, by HUD's 30% rule, on an income of roughly $42,720 a year. Put another way, $21 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($961) | HAP at 100% ($1,068) | HAP at 110% ($1,175) |
|---|---|---|---|---|
| $2,500 | $750 | $211 | $318 | $425 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 14% from FY 2025 ($933) to FY 2026 ($1,068). Since FY 2020 it's up 50% in total, about 7.0% a year. The Michigan median moved up 7% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $494 | $578 | $713 | $965 | $1,252 | — |
| FY 2021 | $501 | $598 | $734 | $1,021 | $1,127 | +2.9% |
| FY 2022 | $513 | $592 | $757 | $1,068 | $1,072 | +3.1% |
| FY 2023 | $552 | $628 | $826 | $1,150 | $1,174 | +9.1% |
| FY 2024 | $613 | $689 | $905 | $1,195 | $1,283 | +9.6% |
| FY 2025 | $654 | $711 | $933 | $1,151 | $1,237 | +3.1% |
| FY 2026 | $756 | $814 | $1,068 | $1,281 | $1,414 | +14.5% |
| FY 2027 | $808 | $865 | $1,132 | $1,349 | $1,488 | +6.0% |
Nearby counties
Questions people ask
$1,068 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $756 for a studio, $814 for one bedroom, $1,281 for three and $1,414 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Iron actually go for?
HUD's number is one input. Search any address in Iron for a rent estimate built from nearby comps. 3 free searches, no card.
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