Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
ZIP code 48046 (Unknown, MI) is positioned within the larger Detroit-Warren-Livonia, MI HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 48046 is set at $1300 for fiscal year 2024. This figure aligns closely with the overall average fair market rent for Michigan, which stands at $1,320 per month.
However, specific data regarding the market rent and home values for ZIP 48046 is currently unavailable. Similarly, the exact percentage of renter share for this ZIP code is also not provided. Given the limited data, we can infer that 48046 likely falls into the mid-tier category within its metro area. The FMR of $1300 suggests it's neither at the bottom nor the top of the price spectrum for the region.
To provide a clearer comparison, consider the typical characteristics of ZIP codes within the Detroit-Warren-Livonia HUD Metro FMR Area. Median rent prices in the area are generally around $1,009 to $1,122, indicating that ZIP 48046 has higher-than-average FMRs. This could suggest that it's either a slightly more desirable location within the metro or faces unique challenges that justify the higher FMR.
The lack of specific data on market rent and home values makes it difficult to definitively categorize 48046 as a value pocket or a premium sub-market. However, if the renter share percentage turns out to be significantly higher than the typical percentages for other ZIP codes in the area, it could indicate a potential sweet spot for Section 8 investments. High renter share combined with below-metro average home values often points to an area where rental demand is strong, but property costs are relatively low, making it attractive for investors looking to maximize returns.
For landlords and small-portfolio investors considering properties in ZIP 48046, the $1300 FMR provides a benchmark for rental pricing and potential income. It's advisable to gather additional local market data to make informed 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.