Section 8 Fair Market Rent (FMR) for ZIP 48174 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 48174

• Detroit Housing Commission (Detroit, MI) - 6,612 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
• Hamtramck Housing Commission (Hamtramck, MI)

ZIP code 48174, located in Romulus, MI, falls within the broader Detroit-Warren-Livonia, MI HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1260, slightly above the average market rent of $1242. This suggests that the rental market in 48174 is somewhat competitive, with rents marginally higher than what might be expected.

The median home value in 48174 is $215,264. This figure places it squarely within the middle range of typical home values found across the Detroit-Warren-Livonia, MI HUD Metro FMR Area. The home values in this area are generally affordable, making it attractive for both renters and owners alike.

A notable characteristic of ZIP code 48174 is its renter share, which stands at 25.8%. This percentage is significant and indicates a substantial portion of the population relies on rental housing. When combined with the below-average home values compared to other areas within the same metro, this points towards a potential value pocket for Section 8 investors.

To determine if 48174 is a value pocket, mid-tier neighborhood, or premium sub-market within its metro, consider the following:

• Value Pocket: ZIP code 48174 exhibits characteristics of a value pocket, with a median home value that is lower than many other areas in the Detroit-Warren-Livonia, MI HUD Metro FMR Area. The relatively high renter share also supports this classification, as it suggests a strong demand for affordable rental properties.
• Mid-Tier Neighborhood: The FMR and market rent being close to each other indicate that 48174 is not an outlier in terms of rental pricing. It aligns well with the average expectations for the metro, placing it firmly in the mid-tier category.
• Premium Sub-Market: Given the median home value and renter share, it is unlikely that 48174 qualifies as a premium sub-market. Premium markets typically have higher home values and lower renter shares, indicating a preference for homeownership over renting.

The combination of a slightly elevated FMR and a substantial renter share, along with below-average home values, makes ZIP code 48174 a particularly interesting area for Section 8 investors. These factors suggest a neighborhood where rental properties can serve a significant portion of the population effectively, while also offering a good balance between investment cost and potential returns.

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.