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Rental Insights for ZIP Code 48873 (Pewamo, MI)

Housing Rentals in ZIP Code 48873 (Pewamo, MI)

48873 ZIP Code in Michigan

Learn About Housing Rentals in the ZIP Code 48873

ZIP Code 48873 is primarily located in Pewamo, MI in Ionia County. This region of Michigan has an estimated median housing rent of $642 per month. About 7.6% of all housing units in this Ionia County ZIP Code are occupied by renters. Additionally, the region has an approximate rental vacancy rate of 11.9%.

The median rent in ZIP Code 48873 of $642 per month is 26% lower than the aggregate Michigan median monthly rent of $871, and is 40% lower than the $1,062 the median monthly rent in the U.S. overall. An estimated 53.1% of residents in ZIP Code 48873 have a monthly rent payment between $500 and $999. That is 1% higher than in Michigan overall, in which 52.7% of total state residents pay between $500 and $999 per month for housing. Only 18.8% of renters in this Pewamo, MI region pay less than $500 per month for rent.

ZIP Code 48873 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 48873

See the chart below for a comparison of monthly rental costs in ZIP Code 48873, Michigan, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 48873 along with those in the state of Michigan and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 48873

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 48873 Michigan U.S.
Less than $500 18.8% 11.9% 9.4%
$500 to $999 53.1% 52.7% 36.2%
$1,000 to $1,499 28.1% 26.6% 30.0%
$1,500 to $1,999 0.0% 6.0% 14.0%
$2,000 to $2,499 0.0% 1.7% 5.6%
$2,500 to $2,999 0.0% 0.5% 2.4%
$3,000 or more 0.0% 0.7% 2.4%

Rent Cost vs. Income in ZIP Code 48873

Renters in ZIP Code 48873 use an estimated 26.79% of their income to cover their monthly rent payments. That is about 9% lower than in Michigan overall. The estimate for Michigan overall is 29.56% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 48873 renters use about 10% less of their income to cover rent expense. Household income figures for ZIP Code 48873 come in higher than in Michigan as a whole. The median annual household income in ZIP Code 48873 of $73,438 sits approximately 29% higher than the overall Michigan median income of $57,144 and approximately 17% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 48873

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 48873, Michigan, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 48873 along with the same calculations in the state of Michigan and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 48873

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 48873 Michigan U.S.
Less than 15.0 percent 3.2% 13.9% 13.1%
15.0 to 19.9 percent 29.0% 13.1% 12.9%
20.0 to 24.9 percent 12.9% 12.7% 12.9%
25.0 to 29.9 percent 32.3% 11.5% 11.6%
30.0 to 34.9 percent 0.0% 8.8% 9.1%
35.0 percent or more 22.6% 40.0% 40.5%

Household Income in ZIP Code 48873

See the table below for the regional comparison of annual household income in ZIP Code 48873.

Income ZIP 48873 Michigan U.S.
Less than $10,000 2.5% 6.6% 6.0%
$10,000 to $14,999 1.6% 4.4% 4.3%
$15,000 to $24,999 6.5% 9.6% 8.9%
$25,000 to $34,999 12.7% 9.8% 8.9%
$35,000 to $49,999 9.6% 13.5% 12.3%
$50,000 to $74,999 17.6% 18.3% 17.2%
$75,000 to $99,999 20.4% 12.7% 12.7%
$100,000 to $149,999 20.0% 14.2% 15.1%
$150,000 to $199,999 4.3% 5.6% 6.8%
$200,000 or more 4.7% 5.2% 7.7%

Household Income in ZIP Code 48873

See the chart below for a comparison of annual household income figures in ZIP Code 48873, Michigan, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 48873 alongside the same figures for the state of Michigan and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 48873

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 48873.

ZIP 48873 Michigan U.S.
Median Housing Rent $642 $871 $1,062
Renter-Occupied Housing Units 7.6% 28.8% 36.0%
Rental Vacancy Rate 11.9% 5.1% 6.0%
Average Size of Renter-Occupied Unit 1.97 2.26 2.49
Average # of Bedrooms Per Unit 3.04 2.79 2.75
Percent of Income Spent on Rent 26.79% 29.56% 29.83%
Per Capita Income $28,622 $31,713 $34,103
Median Household Income $83,304 $78,400 $88,607
Living Below the Poverty Line 1.4% 9.9% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 48873

In ZIP Code 48873 (Pewamo, MI), and estimated 7.6% of housing units are occupied by renters. This region has an approximate rental vacany rate of 11.9%.

The per capita income in 48873 is estimated at $28,622, which goes along with an estimated median household income of $83,304. About 1.4% of residents in this Ionia County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.97 occupants, while the units have an aggregate average size of 3.04 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 26.79% of their income on housing rental costs.

Rental FAQs for ZIP Code 48873

1

What is the median monthly rent in ZIP Code 48873?

Median rent for housing in ZIP Code 48873 in Ionia County in Michigan is approximately $642 per month.
2

Is it expensive to rent in ZIP Code 48873?

Rent in ZIP Code 48873 is lower than average in the state of Michigan overall. The median monthly rent of $642 in ZIP Code 48873 is approximately 26% lower than the Michigan median of $871. Additionally, median rent in this Pewamo, MI region ($642) is about 40% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 48873?

High-priced rentals are not common in the Pewamo, MI ZIP Code of 48873, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Michigan overall, approximately 0.7% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 48873?

Affordable rentals are more common in ZIP Code 48873 than in Michigan overall. The percentage of housing rentals in ZIP Code 48873 costing $999 or less per month (71.9%) is approximately 11% higher than the Michigan rate of 64.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 58% lower than the previously mentioned 48873 rate of 71.9%.
5

What is the most common cost range that rentals fall into in ZIP Code 48873?

The most common range for rental cost in ZIP Code 48873 is between $500 and $999 per month. About 53.1% of renters in 48873 pay in this range for monthly rent. In comparison, approximately 52.7% of renters in the state of Michigan fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 48873 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 48873 is higher than the rental vacancy rate in the state of Michigan overall. Rental vacancy of 11.9% in ZIP Code 48873 is about 133% higher than the Michigan rate of 5.1%. Looking more broadly, rental vacancy in this Pewamo, MI region (11.9%) is an estimated 98% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 48873? How does it compare to other Michigan regions?

Median household income in ZIP Code 48873 is higher than in the state of Michigan overall. Annual household income of $73,438 in ZIP Code 48873 is about 29% higher than the Michigan median of $57,144. Additionally, median household income in this Pewamo, MI region ($73,438) is approximately 17% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 48873 spend on housing costs?

Renters in ZIP Code 48873 spend a lower amount of their income on rent costs than do renters in Michigan overall. Renters in ZIP Code 48873 spend an estimated 26.79% of their income on rent payments, which is about 9% lower than the overall Michigan estimated rate of 29.56%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 10% higher than the ZIP Code 48873 estimated rate of 26.79%.
9

Do renters in ZIP Code 48873 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 48873 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 48873 spending 30 percent or more of their income on rent costs (22.6%) is approximately 54% lower than the Michigan rate of 48.8% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 54% higher than the aforementioned 48873 rate of 22.6%.
10

What is the average household size of renter-occupied units in ZIP Code 48873?

The average household size of renter-occupied units in ZIP Code 48873 is lower than in the state of Michigan overall. Annual household size of 1.97 in ZIP Code 48873 is about 13% lower than the Michigan median of 2.26. Additionally, median household size in this Pewamo, MI region (1.97) is approximately 21% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Michigan ZIP Codes