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 |
The classification of ZIP 48153 (Livonia, MI) on the axes of yield and stability requires careful consideration of the available data. The Fair Market Rent (FMR) for ZIP 48153 in fiscal year 2024 is set at $1,220, which represents a significant portion of the rental income that can be expected from a property in this area. However, without specific market rent and home value data, it's challenging to fully assess the yield.
Stability indicators such as the percentage of renters, days on market (DOM), and average income levels are also critical. Unfortunately, the exact figures for these metrics are not provided in the initial dataset. This makes it difficult to definitively classify the stability of the market in ZIP 48153.
Based on the available data, ZIP 48153 leans towards being a steady-cashflow zone. The FMR of $1,220 suggests a reasonable rental income, but without comparative market rent data, we cannot determine if there is a high yield. The lack of specific stability data means we cannot fully evaluate the risk associated with this market.
To make a more informed decision, further research into market rents and home values would be necessary. Additionally, understanding the local economic conditions and tenant demographics would provide insights into the stability of the 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.