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Monroe County/Carleton/48117

48117

ZIPSAFMR
Monroe County, MI
Zillow

ZIP Investment Score

85Below average

095130300
BRFMR
Eff. Rent
0 BR$930$930
1 BR$1,020$1,020
2 BR$1,330$1,330
3 BR$1,630$1,630
4 BR$2,200$2,200
5 BR$2,530Not available
6 BR$2,909Not available
7 BR$3,346Not available
8 BR$3,848Not available

Purchase Price Calculator

Maximum purchase price
$135,721

Cost breakdown

+Likely effective rent$1,330
HUD FMRUsed$1,330
Market rentN/A
Est. payment standardN/A
-Principal and interest-$686
Loan amount$108,577
Down payment$27,144
Rate6.50%
Term30 years
-Operating costs-$444
Property taxes-$136
Insurance-$175
Utilities$0
HOA$0
Management-$133
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,526(79.3% ROI)
Projected value
$146,157
Return breakdown
Property appreciation+$10,436
Loan principal paid down+$3,890
Rental cash flow+$7,200
5-year hold
+$36,772(135.5% ROI)
Projected value
$153,556
Return breakdown
Property appreciation+$17,835
Loan principal paid down+$6,937
Rental cash flow+$12,000
10-year hold
+$78,543(289.4% ROI)
Projected value
$173,734
Return breakdown
Property appreciation+$38,013
Loan principal paid down+$16,530
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 48117 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48117 (Carleton, MI) is $1,330 a month. That is down 0.7% from $1,340 in FY 2026. Carleton is in the Monroe, MI MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 25 ZIP codes in Monroe County, 48117 is tied for the 14th-highest two-bedroom rent (county range $1,200–$1,930). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48117 is 23% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48117
BedroomsFY 2027Change90–110% range
Studio$930+1.1%$837–$1,023
1BR$1,0200.0%$918–$1,122
2BR$1,330−0.7%$1,197–$1,463
3BR$1,630+0.6%$1,467–$1,793
4BR$2,200+1.4%$1,980–$2,420

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48117
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$930$1,020$1,330$1,630$2,200
FY 2026$920$1,020$1,340$1,620$2,170
FY 2025$860$950$1,250$1,550$1,990
FY 2024$770$860$1,100$1,360$1,700
FY 2023$670$770$1,000$1,280$1,630

Two-bedroom rent in nearby Monroe County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48117
48111$1,530+15.0%
48117Current$1,330—
48131$1,460+9.8%
48133$1,200−9.8%
48134$1,370+3.0%
48140$1,3300.0%
48144$1,350+1.5%
48145$1,310−1.5%
48157$1,200−9.8%
48159$1,240−6.8%
48160$1,530+15.0%
48161$1,220−8.3%

Questions about ZIP 48117 rents

How much will Section 8 pay for a two-bedroom in ZIP 48117?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,330, that basic range is $1,197 to $1,463 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 48117 in?

ZIP 48117 is in the Monroe, MI MSA. 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 48117 for FY 2027?

The two-bedroom FMR fell 0.7%, from $1,340 in FY 2026 to $1,330 in FY 2027. Since FY 2023 it has risen 33.0%.

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

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