Section 8 Fair Market Rent (FMR) for ZIP 48004 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 48004, located in Michigan, is a modest residential area with a mix of single-family homes and rental properties. It is important for landlords and small-portfolio investors to understand the financial landscape of this region to make informed decisions about investments and property management.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 48004 for fiscal year 2024 is set at $1130. This figure serves as a benchmark for rental pricing in the area, indicating the average rent that tenants can afford based on local income levels.
• Market rent data is currently unavailable for ZIP 48004, which makes it difficult to compare actual rental rates against the FMR. However, the lack of this data suggests either limited availability or less frequent transactions, which could impact liquidity and demand forecasting.
• The median home value in ZIP 48004 is also not available, which indicates that there might be insufficient sales data to provide a reliable estimate. This absence of information could mean that the housing market is relatively quiet or dominated by rentals.
• Renter share data is missing for ZIP 48004, implying that the exact percentage of residents who are renters versus homeowners is unknown. This statistic is crucial for understanding the local demand for rental properties and the potential competition from owner-occupied homes.
• The Days on Market (DOM) data is currently not available, which means we cannot determine how quickly properties are selling or renting. A high DOM could indicate a slower market, while a low DOM might suggest strong demand for properties in the area.
• MEDIAN income data is unavailable for ZIP 48004, making it challenging to gauge the economic stability and purchasing power of the local population. This figure is essential for assessing the ability of residents to pay higher rents or purchase homes.

In summary, while the Fair Market Rent provides a baseline for pricing in ZIP 48004, the lack of other key metrics such as market rent, median home value, renter share, DOM, and median income leaves significant gaps in the analysis. Landlords and small-portfolio investors should proceed with caution, seeking additional local insights and possibly relying on broader county or regional data to supplement their investment strategy in this area. The absence of these critical data points suggests a need for thorough due diligence before making any investment decisions.

Data Sources: FMR data from HUD (2027).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.