Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,720 | $180,574 | 0.95% | C |
| 3BR | $2,090 | $237,113 | 0.88% | C |
| 4BR | $2,270 | $316,420 | 0.72% | D |
| 5BR | $2,633 | $372,729 | 0.71% | D |
U.S. Census Bureau data (2024)
The ZIP code 48237, located in Oak Park, Michigan, stands out within Oakland County due to its unique demographic and economic profile. With a total population of 29,318 residents, it has a significant rental market, with 36.7% of the population renting their homes. The median income here is $71,510, indicating a middle-class community. Despite this, the median home value is notably high at $232,974, suggesting that homeownership is a considerable financial commitment.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for ZIP 48237 in fiscal year 2024 is set at $1,540. This is slightly above the market rent, which is measured by ZORI (Zillow Observed Rent Index) at $1,505. This means that landlords participating in the Section 8 program can expect a slight premium over the typical market rate when renting to tenants with vouchers.
Given the data, ZIP 48237 appears to be a stable area. The relatively high median home value coupled with a decent median income suggests a steady demand for both rental and owned properties. The rental market's size also indicates a consistent need for affordable housing options, making the Section 8 program a viable and beneficial choice for landlords looking to secure tenants. The slight premium offered by the FMR over the market rate further supports the stability of the rental environment for those willing to participate in the voucher program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.