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MI/Wayne County/Harper Woods

Harper Woods, MI

CitySAFMR
Wayne County
Found 1 ZIP

City Median Investment Score

196High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,190$1,050
1 BR$1,330$1,150
2 BR$1,660$1,240
3 BR$2,020$1,810
4 BR$2,190$1,720
5 BR$2,519Not available
6 BR$2,896Not available
7 BR$3,331Not available
8 BR$3,830Not available

Purchase Price Calculator

Maximum purchase price
$122,347

Cost breakdown

+Likely effective rent$1,240
HUD FMR$1,660
Market rentUsed$1,240
Est. payment standard (90%)$1,490
-Principal and interest-$619
Loan amount$97,878
Down payment$24,469
Rate6.50%
Term30 years
-Operating costs-$421
Property taxes-$122
Insurance-$175
Utilities$0
HOA$0
Management-$124
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,114(82.2% ROI)
Projected value
$131,754
Return breakdown
Property appreciation+$9,407
Loan principal paid down+$3,507
Rental cash flow+$7,200
5-year hold
+$34,331(140.3% ROI)
Projected value
$138,424
Return breakdown
Property appreciation+$16,077
Loan principal paid down+$6,253
Rental cash flow+$12,000
10-year hold
+$73,168(299.0% ROI)
Projected value
$156,615
Return breakdown
Property appreciation+$34,268
Loan principal paid down+$14,901
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.13
1 BR
1.16
2 BR
1.34
3 BR
1.12
4 BR
1.27
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

Harper Woods, MI fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Harper Woods, MI is $1,660 a month. That is up 2.5% from $1,620 in FY 2026. Harper Woods is in the Detroit-Warren-Livonia, MI HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Michigan is $1,085, so Harper Woods is 53% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for Harper Woods, MI
BedroomsFY 2027Change90–110% range
Studio$1,190+2.6%$1,071–$1,309
1BR$1,330+3.1%$1,197–$1,463
2BR$1,660+2.5%$1,494–$1,826
3BR$2,020+2.0%$1,818–$2,222
4BR$2,190+2.3%$1,971–$2,409

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for Harper Woods, MI
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,190$1,330$1,660$2,020$2,190
FY 2026$1,160$1,290$1,620$1,980$2,140
FY 2025$1,140$1,260$1,590$1,950$2,110
FY 2024$1,050$1,170$1,480$1,830$1,970
FY 2023$970$1,090$1,390$1,730$1,870

Questions about Harper Woods, MI rents

How much will Section 8 pay for a two-bedroom in Harper Woods, MI?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,660, that basic range is $1,494 to $1,826 a month. 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 Harper Woods, MI in?

Harper Woods, MI is in the Detroit-Warren-Livonia, MI HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in Harper Woods, MI for FY 2027?

The two-bedroom FMR rose 2.5%, from $1,620 in FY 2026 to $1,660 in FY 2027. Since FY 2023 it has risen 19.4%.

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