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Oakland County/Oak Park/48237

48237

ZIPSAFMR
Oakland County, MI
Zillow

ZIP Investment Score

166High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,230$1,230
1 BR$1,380$1,350
2 BR$1,720$1,390
3 BR$2,090$2,160
4 BR$2,270$2,340
5 BR$2,611Not available
6 BR$3,002Not available
7 BR$3,452Not available
8 BR$3,970Not available

Purchase Price Calculator

Maximum purchase price
$144,637

Cost breakdown

+Likely effective rent$1,390
HUD FMR$1,720
Market rentUsed$1,390
Est. payment standard (90%)$1,550
-Principal and interest-$731
Loan amount$115,710
Down payment$28,927
Rate6.50%
Term30 years
-Operating costs-$459
Property taxes-$145
Insurance-$175
Utilities$0
HOA$0
Management-$139
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,467(77.7% ROI)
Projected value
$155,758
Return breakdown
Property appreciation+$11,121
Loan principal paid down+$4,146
Rental cash flow+$7,200
5-year hold
+$38,399(132.7% ROI)
Projected value
$163,643
Return breakdown
Property appreciation+$19,006
Loan principal paid down+$7,393
Rental cash flow+$12,000
10-year hold
+$82,126(283.9% ROI)
Projected value
$185,148
Return breakdown
Property appreciation+$40,511
Loan principal paid down+$17,615
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.00
1 BR
1.02
2 BR
1.24
3 BR
0.95
4 BR
0.95
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 48237 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48237 (Oak Park, MI) is $1,720 a month. That is up 3.6% from $1,660 in FY 2026. Oak Park 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 93 ZIP codes in Oakland County, 48237 has the 31st-highest two-bedroom rent (county range $1,100–$2,190). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48237 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48237
BedroomsFY 2027Change90–110% range
Studio$1,230+3.4%$1,107–$1,353
1BR$1,380+4.5%$1,242–$1,518
2BR$1,720+3.6%$1,548–$1,892
3BR$2,090+3.0%$1,881–$2,299
4BR$2,270+3.2%$2,043–$2,497

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48237
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,230$1,380$1,720$2,090$2,270
FY 2026$1,190$1,320$1,660$2,030$2,200
FY 2025$1,190$1,310$1,660$2,030$2,200
FY 2024$1,100$1,220$1,540$1,900$2,050
FY 2023$990$1,110$1,420$1,770$1,910

Two-bedroom rent in nearby Oakland County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 48237
48165$1,870+8.7%
48167$1,950+13.4%
48178$1,520−11.6%
48220$1,630−5.2%
48237Current$1,720—
48301$2,190+27.3%
48302$2,190+27.3%
48303$1,630−5.2%
48304$1,850+7.6%
48306$1,690−1.7%
48307$1,880+9.3%
48308$1,630−5.2%

Questions about ZIP 48237 rents

How much will Section 8 pay for a two-bedroom in ZIP 48237?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,720, that basic range is $1,548 to $1,892 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 48237 in?

ZIP 48237 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 48237 for FY 2027?

The two-bedroom FMR rose 3.6%, from $1,660 in FY 2026 to $1,720 in FY 2027. Since FY 2023 it has risen 21.1%.

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