Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The classification of ZIP 48186 in Westland, Michigan, reveals a mixed profile that leans towards a steady cashflow zone rather than a high-yield/low-stability market. The Federal Market Rent (FMR) for the fiscal year 2024 is set at $1,270, which is higher than the market rent of $1,148. This indicates a potential for above-average rental yields when considering the FMR as a benchmark.
However, the median home value of $197,720 suggests a more stable housing market, where quick flips might not be as profitable due to higher property values and slower appreciation rates. The median income of $65,187 supports a moderate level of financial stability among residents, providing a reliable tenant pool who can afford the average rent.
On the stability axis, the data points to a fairly secure rental environment. With 31.3% of the population being renters, there is a significant demand for rental properties, but it's not overwhelmingly high, which could indicate a more balanced market. Additionally, the days on market (DOM) of 12 days suggest that rental units are typically occupied quickly, reducing vacancy risks.
To summarize, ZIP 48186 offers a moderate yield potential with an FMR of $1,270 compared to the market rent of $1,148, and a median home value of $197,720. The stability indicators, such as a 31.3% rental rate and a median income of $65,187, point to a market that is less prone to volatility and more suited for steady cashflow investments. While it's not a low-stability/high-yield market, it provides a reasonable balance that can be attractive to landlords and small-portfolio investors looking for consistent 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.