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Washtenaw County/Ypsilanti/48197

48197

ZIPSAFMR
Washtenaw County, MI
Zillow

ZIP Investment Score

70Below average

095130300
BRFMR
Eff. Rent
0 BR$1,320$800
1 BR$1,360$1,120
2 BR$1,630$1,780
3 BR$1,960$2,080
4 BR$2,140$2,350
5 BR$2,461Not available
6 BR$2,830Not available
7 BR$3,255Not available
8 BR$3,743Not available

Purchase Price Calculator

Maximum purchase price
$202,591

Cost breakdown

+Likely effective rent$1,780
HUD FMR$1,630
Market rent$1,860
Est. payment standard (109%)Used$1,780
-Principal and interest-$1,024
Loan amount$162,073
Down payment$40,518
Rate6.50%
Term30 years
-Operating costs-$556
Property taxes-$203
Insurance-$175
Utilities$0
HOA$0
Management-$178
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,584(70.5% ROI)
Projected value
$218,168
Return breakdown
Property appreciation+$15,577
Loan principal paid down+$5,807
Rental cash flow+$7,200
5-year hold
+$48,977(120.9% ROI)
Projected value
$229,213
Return breakdown
Property appreciation+$26,622
Loan principal paid down+$10,355
Rental cash flow+$12,000
10-year hold
+$105,416(260.2% ROI)
Projected value
$259,333
Return breakdown
Property appreciation+$56,743
Loan principal paid down+$24,674
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.65
1 BR
1.21
2 BR
0.88
3 BR
0.92
4 BR
0.78
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48197 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48197 (Ypsilanti, MI) is $1,630 a month. That is up 10.1% from $1,480 in FY 2026. Ypsilanti is in the Ann Arbor, MI MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,804. Among 33 ZIP codes in Washtenaw County, 48197 has the 16th-highest two-bedroom rent (county range $1,500–$2,260). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48197 is 50% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48197
BedroomsFY 2027Change90–110% range
Studio$1,320+8.2%$1,188–$1,452
1BR$1,360+9.7%$1,224–$1,496
2BR$1,630+10.1%$1,467–$1,793
3BR$1,960+10.7%$1,764–$2,156
4BR$2,140+9.2%$1,926–$2,354

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48197
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,320$1,360$1,630$1,960$2,140
FY 2026$1,220$1,240$1,480$1,770$1,960
FY 2025$1,160$1,180$1,410$1,700$1,870
FY 2024$1,090$1,100$1,310$1,580$1,780
FY 2023$1,030$1,030$1,240$1,510$1,730

Two-bedroom rent in nearby Washtenaw County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48197
48168$2,220+36.2%
48169$1,570−3.7%
48170$1,570−3.7%
48175$1,800+10.4%
48176$1,500−8.0%
48178$1,520−6.7%
48187$1,810+11.0%
48189$1,500−8.0%
48190$1,610−1.2%
48191$1,750+7.4%
48197Current$1,630—
48198$1,510−7.4%

Questions about ZIP 48197 rents

How much will Section 8 pay for a two-bedroom in ZIP 48197?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,804, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,624 to $1,984 a month; under the ZIP-level Small Area FMR of $1,630 it would be $1,467 to $1,793. 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 48197 in?

ZIP 48197 is in the Ann Arbor, MI MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,804.

How much did fair market rent change in ZIP 48197 for FY 2027?

The two-bedroom FMR rose 10.1%, from $1,480 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 31.5%.

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