Section 8 Fair Market Rent (FMR) for ZIP 48170 - 2027
Location: Detroit-Warren-Livonia, MI | Metro: Ann Arbor, MI MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,130 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$114,278
Housing Authorities Serving ZIP 48170
- Detroit Housing Commission (Detroit, MI) - 6,612 Section 8 vouchers
- Ann Arbor Housing Commission (Ann Arbor, MI) - 2,324 Section 8 vouchers
- Plymouth Housing Commission (Plymouth, MI) - 2,058 Section 8 vouchers
- Westland Housing Commission (Westland, MI) - 1,255 Section 8 vouchers
- Taylor Housing Commission (Taylor, MI) - 1,216 Section 8 vouchers
- Livonia Housing Commission (Livonia, MI) - 1,013 Section 8 vouchers
- Inkster Housing Commission (Inkster, MI) - 946 Section 8 vouchers
- River Rouge Housing Commission (River Rouge, MI) - 439 Section 8 vouchers
- Lincoln Park Housing Commission (Lincoln Park, MI) - 332 Section 8 vouchers
- Melvindale Housing Commission (Melvindale, MI) - 246 Section 8 vouchers
A skeptical investor looking into ZIP 48170 (Plymouth, MI) for Section 8 investments might raise several concerns that need addressing with data.
- Will FMR $1290 (zip FY 2024) cover the mortgage on a $472,634 home? The Fair Market Rent (FMR) for ZIP 48170 is set at $1290 per month for fiscal year 2024. To determine if this covers the mortgage, we must consider the typical interest rates and loan terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment on a $472,634 home would be approximately $2,500. This means that the FMR does not cover the full mortgage payment, leaving a gap of around $1,210 per month. However, this analysis does not account for potential tax benefits or other subsidies that could reduce the effective cost of ownership.
- Is there enough renter demand at 20.4%? The rental demand in ZIP 48170 is estimated at 20.4%. While this percentage indicates a moderate level of renters, it's important to consider the total population and the number of units available. With a lower percentage of rental demand, landlords must ensure they have a competitive offering to attract tenants. The local economy, job market, and housing trends also play a significant role in sustaining renter interest. Data on these factors would provide a clearer picture of the stability and growth potential of the rental market in Plymouth, MI.
- Will vouchers keep pace with $1,778 market rents? The market rent in ZIP 48170 is $1,778 per month, which is significantly higher than the FMR. Vouchers are designed to help low-income families afford housing, but their value is typically capped at the FMR level. Therefore, landlords might face challenges in covering the full market rent with voucher payments alone. However, landlords can charge the tenant the difference between the voucher amount and the actual rent, up to a limit of 40% of the tenant's income. This arrangement requires careful tenant screening to ensure financial stability and compliance with HUD regulations.
The data provides a starting point for evaluating the viability of Section 8 investments in ZIP 48170, but it's crucial to conduct further research into local economic conditions and housing supply to make a well-informed decision.
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.