Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,190 |
| 3 Bedrooms | $2,670 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
U.S. Census Bureau data (2024)
ZIP code 48301, located in Bloomfield Hills, MI, is part of the larger Detroit-Warren-Livonia, MI HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1940, which is higher than the average FMR across the metro area. The market rent in ZIP 48301 stands at $1,757, indicating that it is slightly below the FMR but still above the typical market rents in the broader metro region.
The median home value in ZIP 48301 is $765,222, significantly higher than the average home value in the Detroit-Warren-Livonia, MI HUD Metro FMR Area. This suggests that 48301 is a premium sub-market within the metro area, characterized by higher property values and rents.
However, the renter share in ZIP 48301 is only 12.6%, which is lower than the typical renter share found in most ZIP codes within the Detroit-Warren-Livonia, MI HUD Metro FMR Area. This indicates that the majority of properties in 48301 are owner-occupied rather than rented out, making it less attractive for landlords seeking to maximize rental income.
In summary, ZIP 48301 is positioned as a premium sub-market within the Detroit-Warren-Livonia, MI HUD Metro FMR Area due to its high home values and relatively high FMR. However, the low renter share implies that it is not a value pocket for landlords looking for areas with a higher concentration of renters. Instead, it serves as a high-end residential area where homeownership is more prevalent.
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.