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Wayne County/Detroit/48202

48202

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

201High yield potential

095130300
BRFMR
Eff. Rent
0 BR$970$1,040
1 BR$1,080$1,190
2 BR$1,350$1,490
3 BR$1,640$1,780
4 BR$1,780$1,960
5 BR$2,047Not available
6 BR$2,354Not available
7 BR$2,707Not available
8 BR$3,113Not available

Purchase Price Calculator

Maximum purchase price
$159,497

Cost breakdown

+Likely effective rent$1,490
HUD FMR$1,350
Market rent$1,600
Est. payment standard (110%)Used$1,490
-Principal and interest-$807
Loan amount$127,598
Down payment$31,899
Rate6.50%
Term30 years
-Operating costs-$483
Property taxes-$159
Insurance-$175
Utilities$0
HOA$0
Management-$149
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,035(75.3% ROI)
Projected value
$171,761
Return breakdown
Property appreciation+$12,264
Loan principal paid down+$4,572
Rental cash flow+$7,200
5-year hold
+$41,111(128.9% ROI)
Projected value
$180,456
Return breakdown
Property appreciation+$20,959
Loan principal paid down+$8,152
Rental cash flow+$12,000
10-year hold
+$88,098(276.2% ROI)
Projected value
$204,170
Return breakdown
Property appreciation+$44,673
Loan principal paid down+$19,425
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.91
1 BR
0.85
2 BR
0.84
3 BR
0.88
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48202 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48202 (Detroit, MI) is $1,350 a month. That is up 4.7% from $1,290 in FY 2026. Detroit 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, 48202 is tied for the 55th-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48202 is 24% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48202
BedroomsFY 2027Change90–110% range
Studio$970+5.4%$873–$1,067
1BR$1,080+4.9%$972–$1,188
2BR$1,350+4.7%$1,215–$1,485
3BR$1,640+3.8%$1,476–$1,804
4BR$1,780+4.1%$1,602–$1,958

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48202
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$970$1,080$1,350$1,640$1,780
FY 2026$920$1,030$1,290$1,580$1,710
FY 2025$890$980$1,240$1,520$1,640
FY 2024$830$920$1,160$1,430$1,540
FY 2023$750$850$1,080$1,350$1,450

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48202
48195$1,360+0.7%
48198$1,510+11.9%
48201$1,340−0.7%
48202Current$1,350—
48203$1,110−17.8%
48204$1,270−5.9%
48205$1,360+0.7%
48206$1,180−12.6%
48207$1,380+2.2%
48208$1,180−12.6%
48209$1,070−20.7%
48210$1,200−11.1%

Questions about ZIP 48202 rents

How much will Section 8 pay for a two-bedroom in ZIP 48202?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,350, that basic range is $1,215 to $1,485 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 48202 in?

ZIP 48202 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 48202 for FY 2027?

The two-bedroom FMR rose 4.7%, from $1,290 in FY 2026 to $1,350 in FY 2027. Since FY 2023 it has risen 25.0%.

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