48243

ZIPSAFMR

Wayne County, MI

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,000	$1,100	4.8%
1 BR	$1,110	$1,220	5.0%
2 BR	$1,390	$1,530	4.4%
3 BR	$1,690	$1,860	3.8%
4 BR	$1,840	$2,020	4.3%
5 BR	$2,116	Not available	4.3%
6 BR	$2,433	Not available	4.3%
7 BR	$2,798	Not available	4.3%
8 BR	$3,218	Not available	4.3%

Purchase Price Calculator

Maximum purchase price

$165,441

Cost breakdown

+Likely effective rent$1,530

HUD FMR$1,390

Market rent$2,400

Est. payment standard (110%)Used$1,530

-Principal and interest-$837

Loan amount$132,353

Down payment$33,088

Rate6.50%

Term30 years

-Operating costs-$493

Property taxes-$165

Insurance-$175

Utilities$0

HOA$0

Management-$153

=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

+$24,663(74.5% ROI)

Projected value

$178,162

Return breakdown

Property appreciation+$12,721

Loan principal paid down+$4,742

Rental cash flow+$7,200

5-year hold

+$42,196(127.5% ROI)

Projected value

$187,181

Return breakdown

Property appreciation+$21,740

Loan principal paid down+$8,456

Rental cash flow+$12,000

10-year hold

+$90,487(273.5% ROI)

Projected value

$211,778

Return breakdown

Property appreciation+$46,337

Loan principal paid down+$20,149

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.80ratio

FMR$1,000

Market$1,250

vs market-$250

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

0.80

1 BR

0.67ratio

FMR$1,110

Market$1,650

vs market-$540

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

0.67

2 BR

0.58ratio

FMR$1,390

Market$2,400

vs market-$1,010

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

0.58

3 BR

0.60ratio

FMR$1,690

Market$2,800

vs market-$1,110

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

0.60

4 BR

0.56ratio

FMR$1,840

Market$3,300

vs market-$1,460

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

0.56

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 48243 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 48243 (Detroit, MI) is $1,390 a month. That is up 3.7% from $1,340 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, 48243 is tied for the 36th-highest two-bedroom rent (county range $1,010–$2,220). The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48243 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48243
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$960	$1,000	+4.2%	$900–$1,100
1BR	$1,070	$1,110	+3.7%	$999–$1,221
2BR	$1,340	$1,390	+3.7%	$1,251–$1,529
3BR	$1,640	$1,690	+3.0%	$1,521–$1,859
4BR	$1,770	$1,840	+4.0%	$1,656–$2,024

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48243
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,000	$1,110	$1,390	$1,690	$1,840
FY 2026	$960	$1,070	$1,340	$1,640	$1,770
FY 2025	$930	$1,030	$1,300	$1,590	$1,720
FY 2024	$870	$960	$1,220	$1,510	$1,620
FY 2023	$790	$900	$1,140	$1,420	$1,530

Two-bedroom rent in nearby Wayne County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 48243
48231	$1,390	0.0%
48232	$1,390	0.0%
48233	$1,720	+23.7%
48234	$1,210	−12.9%
48235	$1,370	−1.4%
48236	$2,020	+45.3%
48238	$1,220	−12.2%
48239	$1,670	+20.1%
48240	$1,650	+18.7%
48242	$1,390	0.0%
48243Current	$1,390	—
48244	$1,390	0.0%

Questions about ZIP 48243 rents

How much will Section 8 pay for a two-bedroom in ZIP 48243?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,390, that basic range is $1,251 to $1,529 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 48243 in?

ZIP 48243 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 48243 for FY 2027?

The two-bedroom FMR rose 3.7%, from $1,340 in FY 2026 to $1,390 in FY 2027. Since FY 2023 it has risen 21.9%.

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