Section 8 Fair Market Rent (FMR) for ZIP 48208 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 48208

• 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)

Detroit, MI, specifically ZIP code 48208, presents a unique opportunity for real-estate investors interested in affordable housing markets. This area is characterized by its mix of residential properties and a significant portion of renters, making it an attractive location for those looking to capitalize on rental demand.

• The Fair Market Rent (FMR) for ZIP 48208 in fiscal year 2024 is set at $1,100, providing a benchmark for rental pricing.
• The actual market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,321, suggesting that rents are slightly above the government's fair market assessment.
• The median home value in the area is $131,426, which is relatively low compared to other parts of Detroit, indicating potential for property appreciation.
• Renters make up 65.7% of the population in ZIP 48208, highlighting a strong demand for rental properties.
• The median household income in the area is $36,194, reflecting the economic context in which tenants operate and their ability to pay market rents.

Investors should note that the disparity between FMR and ZORI suggests a market where rents are already higher than government estimates, potentially indicating a robust rental market. The high renter share points towards a continued need for rental properties, while the low median home value could be a sign of future growth in property values. However, the median income being lower than average might influence affordability and tenant stability, requiring careful consideration of rental pricing strategies.

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.