Location: Monroe, MI | Metro: Monroe, MI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
The ZIP code 48159 is situated in a suburban neighborhood characterized by a relatively small population of 2,578 residents. Only 15.0% of these residents are renters, indicating a predominantly owner-occupied community. The median household income in this area stands at $74,519, suggesting a middle-class demographic. The median home value is notably high at $282,339, reflecting the established nature of the housing stock.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 48159 in fiscal year 2024 is set at $1,190. This figure represents the benchmark for rental costs under the Section 8 program. However, the actual market rent, as per the Census Bureau's American Community Survey (ACS), is lower at $1,040. This discrepancy highlights an opportunity for landlords who can leverage the higher FMR to secure steady, government-backed rental income.
Given the characteristics of ZIP 48159, it is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the area's low renter percentage and higher FMR compared to market rates offer a stable investment environment with predictable returns. Meanwhile, value-add buyers can benefit from the potential to renovate properties and command rents closer to the FMR, thereby maximizing their profit margins while still attracting tenants through the Section 8 program.
Data Sources: FMR data from HUD (2027). 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.