Section 8 Fair Market Rent (FMR) for ZIP 48240 - 2027
Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,180 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$60,390
Housing Authorities Serving ZIP 48240
- 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)
The ZIP code 48240, located in Redford, Michigan, offers a unique blend of suburban living with urban convenience, making it a desirable location for both residents and investors. Nestled in Wayne County, it benefits from being close to Detroit's metropolitan amenities while maintaining a quieter residential atmosphere.
- Fair Market Rent (FMR) for ZIP 48240 in fiscal year 2024: The U.S. Department of Housing and Urban Development (HUD) sets the FMR at $1530, reflecting the average rental cost for a modest apartment in the area.
- Market Rent: According to Census ACS data, the typical market rent for properties in ZIP 48240 stands at $1,399, indicating a slightly lower actual rent compared to HUD's FMR.
- Median Home Value: The median home value in the area is $153,144, which is relatively affordable for potential homeowners and investors looking to purchase properties.
- Renter Share: With 24.2% of the population renting their homes, there is a significant demand for rental properties in ZIP 48240.
- Days on Market (DOM): The data for days on market is currently not available, which could indicate that property listings either sell quickly or have inconsistent reporting.
- Median Income: The median household income in ZIP 48240 is $60,390, providing insight into the financial capacity of local renters and buyers.
In summary, ZIP 48240 presents a balanced investment opportunity. Despite the median home values being relatively low, the fair market rent set by HUD suggests a stable rental market. However, the actual market rent being below the FMR indicates potential for competitive pricing adjustments. Given the substantial renter share, demand remains robust. Landlords and small-portfolio investors should consider these factors when evaluating the potential returns and risks associated with investing in this area. The median income figure supports the ability of residents to afford rents near the FMR, but also highlights the need for price-sensitive options.
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.