Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,068$12,816 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Iron County, MI
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Iron County, MI
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $756 | $9,072 | $30,240 | $14.54/hr |
| 1-Bedroom Apartment | $814 | $9,768 | $32,560 | $15.65/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,068 | $12,816 | $42,720 | $20.54/hr |
| 3-Bedroom Home | $1,281 | $15,372 | $51,240 | $24.63/hr |
| 4-Bedroom Home | $1,414 | $16,968 | $56,560 | $27.19/hr |
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Frequently Asked Questions About Rent in Iron County, MI
What is the Fair Market Rent for a 2-bedroom in Iron County, MI?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Iron County, MI is $1,068 per month ($12,816 per year).
What hourly wage is needed to afford rent in Iron County, MI?
To comfortably afford a 2-bedroom apartment at $1,068/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $20.54 per hour ($42,720/year).
What are the HUD Fair Market Rents by bedroom count in Iron County, MI?
Official 2026 HUD rents in Iron County, MI are: Studio: $756/mo, 1-Bedroom: $814/mo, 2-Bedroom: $1,068/mo, 3-Bedroom: $1,281/mo, and 4-Bedroom: $1,414/mo.
How do HUD Fair Market Rents compare to local incomes in Iron County, MI?
At the local Census ACS median household income of $55,940/year ($4,662/month), the benchmark 2-bedroom Fair Market Rent represents 22.9% of monthly income.
How is the 30% housing affordability standard calculated in Iron County, MI?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,068/month, the required minimum annual gross income is calculated as ($1,068 × 12) ÷ 0.30 = $42,720 per year.