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Wayne County/Detroit/48209

48209

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

199High yield potential

095130300
BRFMR
Eff. Rent
0 BR$770$850
1 BR$860$950
2 BR$1,070$1,160
3 BR$1,300$1,380
4 BR$1,410$1,550
5 BR$1,621Not available
6 BR$1,865Not available
7 BR$2,144Not available
8 BR$2,466Not available

Purchase Price Calculator

Maximum purchase price
$110,459

Cost breakdown

+Likely effective rent$1,160
HUD FMR$1,070
Market rent$1,210
Est. payment standard (109%)Used$1,160
-Principal and interest-$559
Loan amount$88,367
Down payment$22,092
Rate6.50%
Term30 years
-Operating costs-$401
Property taxes-$110
Insurance-$175
Utilities$0
HOA$0
Management-$116
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,859(85.4% ROI)
Projected value
$118,952
Return breakdown
Property appreciation+$8,493
Loan principal paid down+$3,166
Rental cash flow+$7,200
5-year hold
+$32,161(145.6% ROI)
Projected value
$124,974
Return breakdown
Property appreciation+$14,515
Loan principal paid down+$5,646
Rental cash flow+$12,000
10-year hold
+$68,391(309.6% ROI)
Projected value
$141,397
Return breakdown
Property appreciation+$30,938
Loan principal paid down+$13,453
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.80
1 BR
0.79
2 BR
0.88
3 BR
0.92
4 BR
0.80
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48209 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48209 (Detroit, MI) is $1,070 a month. That is up 0.9% from $1,060 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, 48209 has the 82nd-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48209 is 1% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48209
BedroomsFY 2027Change90–110% range
Studio$770+2.7%$693–$847
1BR$860+3.6%$774–$946
2BR$1,070+0.9%$963–$1,177
3BR$1,3000.0%$1,170–$1,430
4BR$1,410+0.7%$1,269–$1,551

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48209
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$770$860$1,070$1,300$1,410
FY 2026$750$830$1,060$1,300$1,400
FY 2025$830$920$1,170$1,440$1,550
FY 2024$770$860$1,100$1,360$1,470
FY 2023$660$770$980$1,240$1,330

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48209
48203$1,110+3.7%
48204$1,270+18.7%
48205$1,360+27.1%
48206$1,180+10.3%
48207$1,380+29.0%
48208$1,180+10.3%
48209Current$1,070—
48210$1,200+12.1%
48211$1,220+14.0%
48212$1,150+7.5%
48213$1,160+8.4%
48214$1,120+4.7%

Questions about ZIP 48209 rents

How much will Section 8 pay for a two-bedroom in ZIP 48209?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,070, that basic range is $963 to $1,177 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 48209 in?

ZIP 48209 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 48209 for FY 2027?

The two-bedroom FMR rose 0.9%, from $1,060 in FY 2026 to $1,070 in FY 2027. Since FY 2023 it has risen 9.2%.

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