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Wayne County/Grosse Ile/48138

48138

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

87Below average

095130300
BRFMR
Eff. Rent
0 BR$1,220$1,150
1 BR$1,360$1,170
2 BR$1,700$1,450
3 BR$2,070$2,070
4 BR$2,250$2,300
5 BR$2,588Not available
6 BR$2,976Not available
7 BR$3,422Not available
8 BR$3,935Not available

Purchase Price Calculator

Maximum purchase price
$153,553

Cost breakdown

+Likely effective rent$1,450
HUD FMR$1,700
Market rentUsed$1,450
Est. payment standard (90%)$1,540
-Principal and interest-$776
Loan amount$122,842
Down payment$30,711
Rate6.50%
Term30 years
-Operating costs-$474
Property taxes-$154
Insurance-$175
Utilities$0
HOA$0
Management-$145
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$23,408(76.2% ROI)
Projected value
$165,360
Return breakdown
Property appreciation+$11,807
Loan principal paid down+$4,401
Rental cash flow+$7,200
5-year hold
+$40,027(130.3% ROI)
Projected value
$173,731
Return breakdown
Property appreciation+$20,178
Loan principal paid down+$7,848
Rental cash flow+$12,000
10-year hold
+$85,709(279.1% ROI)
Projected value
$196,561
Return breakdown
Property appreciation+$43,008
Loan principal paid down+$18,701
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.06
1 BR
1.16
2 BR
1.17
3 BR
1.00
4 BR
0.97
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48138 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48138 (Grosse Ile, MI) is $1,700 a month. That is up 1.8% from $1,670 in FY 2026. Grosse Ile 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 83 ZIP codes in Wayne County, 48138 has the 12th-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48138 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48138
BedroomsFY 2027Change90–110% range
Studio$1,220+2.5%$1,098–$1,342
1BR$1,360+2.3%$1,224–$1,496
2BR$1,700+1.8%$1,530–$1,870
3BR$2,070+1.5%$1,863–$2,277
4BR$2,250+1.8%$2,025–$2,475

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48138
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,220$1,360$1,700$2,070$2,250
FY 2026$1,190$1,330$1,670$2,040$2,210
FY 2025$1,180$1,300$1,640$2,010$2,170
FY 2024$1,090$1,210$1,530$1,890$2,040
FY 2023$990$1,110$1,420$1,770$1,910

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48138
48125$1,620−4.7%
48126$1,480−12.9%
48127$1,550−8.8%
48128$2,050+20.6%
48134$1,370−19.4%
48135$1,320−22.4%
48136$1,390−18.2%
48138Current$1,700—
48141$1,460−14.1%
48146$1,230−27.6%
48150$1,640−3.5%
48151$1,390−18.2%

Questions about ZIP 48138 rents

How much will Section 8 pay for a two-bedroom in ZIP 48138?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,700, that basic range is $1,530 to $1,870 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 48138 in?

ZIP 48138 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 48138 for FY 2027?

The two-bedroom FMR rose 1.8%, from $1,670 in FY 2026 to $1,700 in FY 2027. Since FY 2023 it has risen 19.7%.

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 rentGrosse Ile, MI fair market rentMI statewide rentsWhat is SAFMR?Data sources