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Wayne County/Detroit/48234

48234

ZIPSAFMR
Wayne County, MI
Zillow

ZIP Investment Score

202High yield potential

095130300
BRFMR
Eff. Rent
0 BR$870$960
1 BR$970$1,040
2 BR$1,210$1,150
3 BR$1,470$1,440
4 BR$1,600$1,550
5 BR$1,840Not available
6 BR$2,116Not available
7 BR$2,433Not available
8 BR$2,798Not available

Purchase Price Calculator

Maximum purchase price
$108,973

Cost breakdown

+Likely effective rent$1,150
HUD FMR$1,210
Market rentUsed$1,150
Est. payment standard (97%)$1,170
-Principal and interest-$551
Loan amount$87,178
Down payment$21,795
Rate6.50%
Term30 years
-Operating costs-$399
Property taxes-$109
Insurance-$175
Utilities$0
HOA$0
Management-$115
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,702(85.8% ROI)
Projected value
$117,352
Return breakdown
Property appreciation+$8,379
Loan principal paid down+$3,123
Rental cash flow+$7,200
5-year hold
+$31,890(146.3% ROI)
Projected value
$123,293
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,570
Rental cash flow+$12,000
10-year hold
+$67,794(311.1% ROI)
Projected value
$139,495
Return breakdown
Property appreciation+$30,522
Loan principal paid down+$13,272
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.76
1 BR
0.91
2 BR
1.05
3 BR
1.02
4 BR
1.03
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48234 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48234 (Detroit, MI) is $1,210 a month. That is up 3.4% from $1,170 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, 48234 is tied for the 71st-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48234 is 12% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48234
BedroomsFY 2027Change90–110% range
Studio$870+3.6%$783–$957
1BR$970+4.3%$873–$1,067
2BR$1,210+3.4%$1,089–$1,331
3BR$1,470+2.8%$1,323–$1,617
4BR$1,600+3.2%$1,440–$1,760

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48234
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$870$970$1,210$1,470$1,600
FY 2026$840$930$1,170$1,430$1,550
FY 2025$830$920$1,170$1,440$1,550
FY 2024$810$900$1,140$1,410$1,520
FY 2023$740$830$1,060$1,320$1,420

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48234
48228$1,270+5.0%
48229$1,150−5.0%
48230$1,820+50.4%
48231$1,390+14.9%
48232$1,390+14.9%
48233$1,720+42.1%
48234Current$1,210—
48235$1,370+13.2%
48236$2,020+66.9%
48238$1,220+0.8%
48239$1,670+38.0%
48240$1,650+36.4%

Questions about ZIP 48234 rents

How much will Section 8 pay for a two-bedroom in ZIP 48234?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,210, that basic range is $1,089 to $1,331 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 48234 in?

ZIP 48234 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 48234 for FY 2027?

The two-bedroom FMR rose 3.4%, from $1,170 in FY 2026 to $1,210 in FY 2027. Since FY 2023 it has risen 14.2%.

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