Skip to main content
Loading page
Wayne County/Canton/48188

48188

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

109Above average

095130300
BRFMR
Eff. Rent
0 BR$1,340$1,470
1 BR$1,500$1,630
2 BR$1,870$1,810
3 BR$2,280$2,510
4 BR$2,470$2,720
5 BR$2,841Not available
6 BR$3,267Not available
7 BR$3,757Not available
8 BR$4,320Not available

Purchase Price Calculator

Maximum purchase price
$207,049

Cost breakdown

+Likely effective rent$1,810
HUD FMR$1,870
Market rentUsed$1,810
Est. payment standard (98%)$1,830
-Principal and interest-$1,047
Loan amount$165,639
Down payment$41,410
Rate6.50%
Term30 years
-Operating costs-$563
Property taxes-$207
Insurance-$175
Utilities$0
HOA$0
Management-$181
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,055(70.2% ROI)
Projected value
$222,969
Return breakdown
Property appreciation+$15,920
Loan principal paid down+$5,934
Rental cash flow+$7,200
5-year hold
+$49,791(120.2% ROI)
Projected value
$234,257
Return breakdown
Property appreciation+$27,208
Loan principal paid down+$10,583
Rental cash flow+$12,000
10-year hold
+$107,208(258.9% ROI)
Projected value
$265,040
Return breakdown
Property appreciation+$57,991
Loan principal paid down+$25,217
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.60
1 BR
0.88
2 BR
1.03
3 BR
0.84
4 BR
0.84
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48188 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48188 (Canton, MI) is $1,870 a month. That is down 0.5% from $1,880 in FY 2026. Canton 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, 48188 has the 7th-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48188 is 72% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48188
BedroomsFY 2027Change90–110% range
Studio$1,3400.0%$1,206–$1,474
1BR$1,500+0.7%$1,350–$1,650
2BR$1,870−0.5%$1,683–$2,057
3BR$2,280−0.9%$2,052–$2,508
4BR$2,470−0.8%$2,223–$2,717

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48188
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,340$1,500$1,870$2,280$2,470
FY 2026$1,340$1,490$1,880$2,300$2,490
FY 2025$1,350$1,490$1,880$2,300$2,490
FY 2024$1,280$1,420$1,800$2,220$2,400
FY 2023$1,170$1,320$1,680$2,090$2,260

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48188
48180$1,270−32.1%
48183$1,270−32.1%
48184$1,190−36.4%
48185$1,490−20.3%
48186$1,370−26.7%
48187$1,810−3.2%
48188Current$1,870—
48192$1,210−35.3%
48193$1,320−29.4%
48195$1,360−27.3%
48198$1,510−19.3%
48201$1,340−28.3%

Questions about ZIP 48188 rents

How much will Section 8 pay for a two-bedroom in ZIP 48188?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,870, that basic range is $1,683 to $2,057 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 48188 in?

ZIP 48188 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 48188 for FY 2027?

The two-bedroom FMR fell 0.5%, from $1,880 in FY 2026 to $1,870 in FY 2027. Since FY 2023 it has risen 11.3%.

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