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Wayne County/Detroit/48204

48204

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

194High yield potential

095130300
BRFMR
Eff. Rent
0 BR$910$920
1 BR$1,020$970
2 BR$1,270$1,030
3 BR$1,550$1,360
4 BR$1,680$1,480
5 BR$1,932Not available
6 BR$2,222Not available
7 BR$2,555Not available
8 BR$2,938Not available

Purchase Price Calculator

Maximum purchase price
$91,141

Cost breakdown

+Likely effective rent$1,030
HUD FMR$1,270
Market rentUsed$1,030
Est. payment standard (90%)$1,140
-Principal and interest-$461
Loan amount$72,913
Down payment$18,228
Rate6.50%
Term30 years
-Operating costs-$369
Property taxes-$91
Insurance-$175
Utilities$0
HOA$0
Management-$103
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,820(92.3% ROI)
Projected value
$98,149
Return breakdown
Property appreciation+$7,008
Loan principal paid down+$2,612
Rental cash flow+$7,200
5-year hold
+$28,635(157.1% ROI)
Projected value
$103,118
Return breakdown
Property appreciation+$11,977
Loan principal paid down+$4,658
Rental cash flow+$12,000
10-year hold
+$60,627(332.6% ROI)
Projected value
$116,668
Return breakdown
Property appreciation+$25,527
Loan principal paid down+$11,100
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.99
1 BR
1.05
2 BR
1.23
3 BR
1.14
4 BR
1.14
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48204 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48204 (Detroit, MI) is $1,270 a month. That is up 5.8% from $1,200 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, 48204 is tied for the 61st-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48204 is 17% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48204
BedroomsFY 2027Change90–110% range
Studio$910+5.8%$819–$1,001
1BR$1,020+7.4%$918–$1,122
2BR$1,270+5.8%$1,143–$1,397
3BR$1,550+5.4%$1,395–$1,705
4BR$1,680+5.7%$1,512–$1,848

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48204
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$910$1,020$1,270$1,550$1,680
FY 2026$860$950$1,200$1,470$1,590
FY 2025$830$920$1,170$1,440$1,550
FY 2024$770$860$1,100$1,360$1,470
FY 2023$700$790$1,000$1,250$1,340

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48204
48198$1,510+18.9%
48201$1,340+5.5%
48202$1,350+6.3%
48203$1,110−12.6%
48204Current$1,270—
48205$1,360+7.1%
48206$1,180−7.1%
48207$1,380+8.7%
48208$1,180−7.1%
48209$1,070−15.7%
48210$1,200−5.5%
48211$1,220−3.9%

Questions about ZIP 48204 rents

How much will Section 8 pay for a two-bedroom in ZIP 48204?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,270, that basic range is $1,143 to $1,397 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 48204 in?

ZIP 48204 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 48204 for FY 2027?

The two-bedroom FMR rose 5.8%, from $1,200 in FY 2026 to $1,270 in FY 2027. Since FY 2023 it has risen 27.0%.

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