Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
$1220 is the Fair Market Rent (FMR) for ZIP 48151 in fiscal year 2024, indicating the rental market's baseline for Section 8 eligibility.
$289,900 is the asking price for a 3-bedroom, 1-bathroom house in the neighboring area, which can provide a reference point for property values near ZIP 48151.
$295,000 is another listed price for a 3-bedroom, 2-bathroom house, suggesting that properties with similar characteristics are valued slightly higher in the region.
$375,000 is the price tag for a larger 3-bedroom, 2-bathroom house with 2,376 square feet, showing that size and condition significantly affect property value.
$315,000 is the price for a 3-bedroom, 2-bathroom house with 1,876 square feet, demonstrating the range of property values in the area.
$299,900 is the listed price for two different 3-bedroom, 2-bathroom houses, illustrating the consistency in pricing for similarly sized properties.
$429,900 is the asking price for a larger 4-bedroom, 3-bathroom house, highlighting how additional bedrooms and bathrooms increase the property's value.
The lack of specific market rent, median home value, and other economic indicators for ZIP 48151 makes it challenging to assess the exact economic conditions without further investigation. However, the presence of several homes listed at various price points suggests a diverse housing market.
The Fair Market Rent of $1220 provides a clear guideline for landlords and small-portfolio investors looking to participate in the Section 8 program, ensuring their rental properties meet the required standards.
Verdict: ZIP 48151 offers opportunities for Section 8 participation, with properties priced around the FMR threshold being competitive in the local rental market.
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.