Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
The market in ZIP 48308, located in Unknown, MI, presents a dynamic environment for real estate investment, particularly for those interested in the Section 8 program. The Fair Market Rent (FMR) for the area stands at $1460 for the fiscal year 2024, indicating a stable rental price point that aligns with government-subsidized housing standards. This figure is crucial for landlords and small-portfolio investors looking to participate in the Section 8 program, as it sets the benchmark for acceptable rent levels.
The absence of specific data on market rent, days on market (DOM), and median home value suggests a less transparent or less active real estate market in terms of traditional sales and rentals. However, the fact that the FMR is established implies that there is a significant presence of renters who rely on government assistance. The lack of percentage data for price-cut share and renter share makes it challenging to determine if supply outpaces demand or vice versa. Yet, the known FMR can be used to infer that there is a need for affordable housing units in the area, which could imply higher demand among subsidized renters.
The unknown percentage of renter share provides insight into the long-term housing pressures in ZIP 48308. Typically, a high renter share indicates sustained pressure on the housing market, as renters often represent a larger portion of the population that requires affordable housing solutions. In this case, without the exact percentage, we cannot definitively state the extent of long-term housing pressure, but the reliance on Section 8 suggests a continuous need for affordable rental properties.
In conclusion, ZIP 48308 appears to be a market where the dynamics of supply and demand are heavily influenced by the availability of affordable rental housing. The established FMR at $1460 highlights the importance of this segment for both landlords and small-portfolio investors. While specific metrics such as market rent and DOM are not available, the reliance on government-subsidized housing points towards a steady demand for rental properties within the affordable range.
Data Sources: FMR data from HUD (2027).
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.