Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $222,174 | 0.48% | F |
| 3BR | $1,300 | $332,949 | 0.39% | F |
| 4BR | $1,410 | $384,753 | 0.37% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 48062, located in Richmond, MI within Macomb County and part of the Detroit-Warren-Livonia HUD Metro FMR Area, is set at $1100 for fiscal year 2024. This figure represents the maximum amount that voucher holders can pay toward their housing costs. In contrast, the Census American Community Survey (ACS) reports the market rent for the same area at $867, indicating a significant gap between the two figures.
Voucher tenants in ZIP 48062 will cashflow comfortably at the HUD FMR rate. The difference of $233 between the HUD FMR and the market rent means that landlords can expect a positive cashflow when renting to voucher holders without needing to increase rents beyond the FMR. This scenario is particularly favorable for investors looking to generate steady income from rental properties.
To further analyze the investment potential, consider the median home value in the area, which stands at $303,847. This yields a rent-to-price ratio of approximately 0.29%, calculated by dividing the annualized market rent ($10,404) by the median home value. A lower rent-to-price ratio typically suggests that the area may be undervalued in terms of rental income compared to property values, making it a potentially attractive market for buy-and-hold investors.
The data shows that the average days on market (DOM) is not applicable (N/A), and the share of listings requiring a price cut is a mere 0.2%. These figures indicate a stable housing market with little need for price adjustments, which can be reassuring for both landlords and investors concerned about maintaining rental rates or selling properties at a profit.
In summary, the strongest angle for investors in ZIP 48062 is cashflow. With the HUD FMR significantly exceeding the market rent, landlords can count on a reliable source of income from voucher tenants while maintaining a competitive edge over non-voucher properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.