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Wayne County/Detroit/48288

48288

ZIPFMR
Wayne County, MI
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,047$1,010
1 BR$1,167$1,060
2 BR$1,459$1,310
3 BR$1,777$1,580
4 BR$1,929$1,740
5 BR$2,218Not available
6 BR$2,551Not available
7 BR$2,934Not available
8 BR$3,374Not available

Purchase Price Calculator

Maximum purchase price
$132,749

Cost breakdown

+Likely effective rent$1,310
HUD FMR$1,459
Market rentUsed$1,310
Est. payment standard (93%)$1,360
-Principal and interest-$671
Loan amount$106,199
Down payment$26,550
Rate6.50%
Term30 years
-Operating costs-$439
Property taxes-$133
Insurance-$175
Utilities$0
HOA$0
Management-$131
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,212(79.9% ROI)
Projected value
$142,956
Return breakdown
Property appreciation+$10,207
Loan principal paid down+$3,805
Rental cash flow+$7,200
5-year hold
+$36,229(136.5% ROI)
Projected value
$150,193
Return breakdown
Property appreciation+$17,444
Loan principal paid down+$6,785
Rental cash flow+$12,000
10-year hold
+$77,349(291.3% ROI)
Projected value
$169,930
Return breakdown
Property appreciation+$37,181
Loan principal paid down+$16,168
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.04
1 BR
1.10
2 BR
1.11
3 BR
1.12
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 48288 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 48288 (Detroit, MI) is $1,459 a month. That is up 3.4% from $1,411 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. The median county two-bedroom FMR in Michigan is $1,085, so ZIP 48288 is 34% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 48288
BedroomsFY 2027Change90–110% range
Studio$1,047+3.8%$942–$1,152
1BR$1,167+4.0%$1,050–$1,284
2BR$1,459+3.4%$1,313–$1,605
3BR$1,777+3.1%$1,599–$1,955
4BR$1,929+3.3%$1,736–$2,122

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 48288
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,047$1,167$1,459$1,777$1,929
FY 2026$1,009$1,122$1,411$1,724$1,868
FY 2025$991$1,090$1,378$1,688$1,827
FY 2024$920$1,019$1,291$1,595$1,719
FY 2023$845$952$1,213$1,511$1,629

Questions about ZIP 48288 rents

How much will Section 8 pay for a two-bedroom in ZIP 48288?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,459, that basic range is $1,313 to $1,605 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 48288 in?

ZIP 48288 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 48288 for FY 2027?

The two-bedroom FMR rose 3.4%, from $1,411 in FY 2026 to $1,459 in FY 2027. Since FY 2023 it has risen 20.3%.

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 Fair Market Rents. 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