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Oakland County/Troy/48098

48098

ZIPSAFMR
Oakland County, MI
Zillow

ZIP Investment Score

86Below average

095130300
BRFMR
Eff. Rent
0 BR$1,440$1,570
1 BR$1,600$1,690
2 BR$2,000$2,110
3 BR$2,440$2,420
4 BR$2,640$2,900
5 BR$3,036Not available
6 BR$3,491Not available
7 BR$4,015Not available
8 BR$4,617Not available

Purchase Price Calculator

Maximum purchase price
$251,629

Cost breakdown

+Likely effective rent$2,110
HUD FMR$2,000
Market rent$2,170
Est. payment standard (106%)Used$2,110
-Principal and interest-$1,272
Loan amount$201,303
Down payment$50,326
Rate6.50%
Term30 years
-Operating costs-$638
Property taxes-$252
Insurance-$175
Utilities$0
HOA$0
Management-$211
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$33,760(67.1% ROI)
Projected value
$270,977
Return breakdown
Property appreciation+$19,348
Loan principal paid down+$7,212
Rental cash flow+$7,200
5-year hold
+$57,927(115.1% ROI)
Projected value
$284,695
Return breakdown
Property appreciation+$33,066
Loan principal paid down+$12,861
Rental cash flow+$12,000
10-year hold
+$125,123(248.6% ROI)
Projected value
$322,106
Return breakdown
Property appreciation+$70,477
Loan principal paid down+$30,646
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.88
1 BR
0.92
2 BR
0.92
3 BR
1.01
4 BR
0.87
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48098 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48098 (Troy, MI) is $2,000 a month. That is up 3.1% from $1,940 in FY 2026. Troy 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. Among 93 ZIP codes in Oakland County, 48098 has the 15th-highest two-bedroom rent (county range $1,100–$2,190). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48098 is 84% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48098
BedroomsFY 2027Change90–110% range
Studio$1,440+3.6%$1,296–$1,584
1BR$1,600+3.9%$1,440–$1,760
2BR$2,000+3.1%$1,800–$2,200
3BR$2,440+3.0%$2,196–$2,684
4BR$2,640+2.7%$2,376–$2,904

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48098
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,440$1,600$2,000$2,440$2,640
FY 2026$1,390$1,540$1,940$2,370$2,570
FY 2025$1,360$1,490$1,890$2,320$2,510
FY 2024$1,310$1,450$1,840$2,270$2,450
FY 2023$1,210$1,360$1,730$2,150$2,320

Two-bedroom rent in nearby Oakland County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48098
48070$2,190+9.5%
48071$1,430−28.5%
48072$1,760−12.0%
48073$1,710−14.5%
48075$1,570−21.5%
48076$1,760−12.0%
48083$1,810−9.5%
48084$2,100+5.0%
48085$2,190+9.5%
48098Current$2,000—
48099$1,630−18.5%
48114$1,620−19.0%

Questions about ZIP 48098 rents

How much will Section 8 pay for a two-bedroom in ZIP 48098?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,000, that basic range is $1,800 to $2,200 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 ZIP 48098 in?

ZIP 48098 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 ZIP 48098 for FY 2027?

The two-bedroom FMR rose 3.1%, from $1,940 in FY 2026 to $2,000 in FY 2027. Since FY 2023 it has risen 15.6%.

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

County fair market rentTroy, MI fair market rentMI statewide rentsWhat is SAFMR?Data sources