Wayne County/Detroit/48228

48228

ZIPSAFMR

Wayne County, MI

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ZIP Investment Score

194High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$910	$990	5.3%
1 BR	$1,020	$1,100	5.9%
2 BR	$1,270	$1,170	4.9%
3 BR	$1,550	$1,340	4.5%
4 BR	$1,680	$1,530	4.6%
5 BR	$1,932	Not available	4.6%
6 BR	$2,222	Not available	4.6%
7 BR	$2,555	Not available	4.5%
8 BR	$2,938	Not available	4.5%

Purchase Price Calculator

Maximum purchase price

$111,945

Cost breakdown

+Likely effective rent$1,170

HUD FMR$1,270

Market rentUsed$1,170

Est. payment standard (95%)$1,210

-Principal and interest-$566

Loan amount$89,556

Down payment$22,389

Rate6.50%

Term30 years

-Operating costs-$404

Property taxes-$112

Insurance-$175

Utilities$0

HOA$0

Management-$117

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$19,016(84.9% ROI)

Projected value

$120,553

Return breakdown

Property appreciation+$8,608

Loan principal paid down+$3,209

Rental cash flow+$7,200

5-year hold

+$32,432(144.9% ROI)

Projected value

$126,656

Return breakdown

Property appreciation+$14,710

Loan principal paid down+$5,722

Rental cash flow+$12,000

10-year hold

+$68,988(308.1% ROI)

Projected value

$143,299

Return breakdown

Property appreciation+$31,354

Loan principal paid down+$13,634

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.88ratio

FMR$910

Market$1,040

vs market-$130

FMR is below market; voucher rent may lag private rents.

0.88

1 BR

0.89ratio

FMR$1,020

Market$1,140

vs market-$120

FMR is below market; voucher rent may lag private rents.

0.89

2 BR

1.09ratio

FMR$1,270

Market$1,170

vs market+$100

FMR is near market; voucher and private rents are aligned.

1.09

3 BR

1.16ratio

FMR$1,550

Market$1,340

vs market+$210

FMR is above market; underwrite to market rent.

1.16

4 BR

1.10ratio

FMR$1,680

Market$1,530

vs market+$150

FMR is near market; voucher and private rents are aligned.

1.10

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 48228 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48228 (Detroit, MI) is $1,270 a month. That is up 3.3% from $1,230 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, 48228 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 48228 is 17% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48228
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$880	$910	+3.4%	$819–$1,001
1BR	$980	$1,020	+4.1%	$918–$1,122
2BR	$1,230	$1,270	+3.3%	$1,143–$1,397
3BR	$1,500	$1,550	+3.3%	$1,395–$1,705
4BR	$1,630	$1,680	+3.1%	$1,512–$1,848

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48228
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$910	$1,020	$1,270	$1,550	$1,680
FY 2026	$880	$980	$1,230	$1,500	$1,630
FY 2025	$830	$920	$1,170	$1,440	$1,550
FY 2024	$780	$860	$1,100	$1,360	$1,470
FY 2023	$720	$820	$1,040	$1,300	$1,400

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 48228
48223	$1,260	−0.8%
48224	$1,460	+15.0%
48225	$1,660	+30.7%
48226	$2,170	+70.9%
48227	$1,350	+6.3%
48228Current	$1,270	—
48229	$1,150	−9.4%
48230	$1,820	+43.3%
48231	$1,390	+9.4%
48232	$1,390	+9.4%
48233	$1,720	+35.4%
48234	$1,210	−4.7%

Questions about ZIP 48228 rents

How much will Section 8 pay for a two-bedroom in ZIP 48228?

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 48228 in?

ZIP 48228 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 48228 for FY 2027?

The two-bedroom FMR rose 3.3%, from $1,230 in FY 2026 to $1,270 in FY 2027. Since FY 2023 it has risen 22.1%.

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 rent Detroit, MI fair market rent MI statewide rents What is SAFMR?Data sources