How many renters live in Homer, Michigan?
The City of Homer has 1,663 people living in 581 households.
There are 537 renters living in 221 renter households in this City. Renters make up 32.29 percent of the population living in Homer.
What is the rental market like in Homer, Michigan?
There are an estimated 720 housing units in the Homer area. Of these, 266 units are rental homes, making up 37 percent of the housing market. For every renter household in Homer, Michigan, there are 1 rental units.
What is the vacancy rate for rentals in Homer?
The rental vacancy rate in Homer is 15 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Homer for each bedroom size?
Occupied Rental Units by Size in Homer
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 4 | 47 | 87 | 74 | 0 |
Occupied Rental Units by Size in Homer
A large number of apartments in Homer have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Homer are overburdened by housing costs?
Among renter households in this market, 32 percent have housing cost burden. Further, 11 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Homer
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $745 to $1,488. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $745 |
| One BR | $854 |
| Two BR | $1,038 |
| Three BR | $1,291 |
| Four BR | $1,488 |
2024 Fair Market Rents in Homer, Michigan
How many units are rented at Fair Market Rent (FMR) in Homer?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 4 | 100 percent |
| One BR | 40 | 85 percent |
| Two BR | 80 | 92 percent |
Rental Units Below FMR in Homer, Michigan
How many affordable rental units are in Homer?
There are a variety of federal affordable housing programs serving households in Homer, Michigan including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 22 |
| USDA Section 515 Rural Rental Housing | 24 |
Tracked Units by Federal Program in Homer, Michigan
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Homer, Michigan
Homer features 70 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Homer, Michigan
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Homer.
Housing Choice Vouchers in Homer, Michigan
On average, Section 8 Housing Choice vouchers pay Homer landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Homer.
The maximum amount a voucher would pay on behalf of a low-income tenant in Homer, Michigan for a two-bedroom apartment is between $934 and $1,142.
Sourced from federal housing data and AffordableHousingOnline.com research.
