FMR is below market; voucher rent may lag private rents.
0.77
1 BR
1 BR
0.85ratio
FMR$1,300
Market$1,530
vs market-$230
FMR is below market; voucher rent may lag private rents.
0.85
2 BR
2 BR
0.67ratio
FMR$1,630
Market$2,450
vs market-$820
FMR is below market; voucher rent may lag private rents.
0.67
3 BR
3 BR
0.79ratio
FMR$1,980
Market$2,500
vs market-$520
FMR is below market; voucher rent may lag private rents.
0.79
4 BR
4 BR
0.70ratio
FMR$2,150
Market$3,090
vs market-$940
FMR is below market; voucher rent may lag private rents.
0.70
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 48099 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48099 (Troy, MI) is $1,630 a month. That is up 3.2% from $1,580 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, 48099 is tied for the 39th-highest two-bedroom rent (county range $1,100–$2,190). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48099 is 50% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 48099
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,130
$1,170
+3.5%
$1,053–$1,287
1BR
$1,260
$1,300
+3.2%
$1,170–$1,430
2BR
$1,580
$1,630
+3.2%
$1,467–$1,793
3BR
$1,930
$1,980
+2.6%
$1,782–$2,178
4BR
$2,090
$2,150
+2.9%
$1,935–$2,365
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 48099
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,170
$1,300
$1,630
$1,980
$2,150
FY 2026
$1,130
$1,260
$1,580
$1,930
$2,090
FY 2025
$1,110
$1,220
$1,540
$1,890
$2,040
FY 2024
$1,040
$1,150
$1,460
$1,800
$1,940
FY 2023
$950
$1,080
$1,370
$1,710
$1,840
Two-bedroom rent in nearby Oakland County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 48099?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,630, that basic range is $1,467 to $1,793 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 48099 in?
ZIP 48099 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 48099 for FY 2027?
The two-bedroom FMR rose 3.2%, from $1,580 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 19.0%.
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