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 |
U.S. Census Bureau data (2024)
ZIP code 48360, located in Orion, Michigan, stands out within Oakland County due to its unique demographic and economic characteristics. With a population of 12,116, only 11.2% of residents are renters, indicating a strong preference for homeownership. The median household income in Orion is $140,865, which is significantly higher than the national average, reflecting a prosperous community. The median home value of $419,054 further underscores the area's wealth, making it an attractive location for those seeking high-quality housing.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 48360 in fiscal year 2024 is set at $1,500. This figure is notably above the market rent of $1,394 reported by the Census Bureau's American Community Survey. Landlords and small-portfolio investors can leverage this discrepancy to secure stable rental income through Section 8 vouchers. The higher FMR provides a buffer against market fluctuations and ensures a steady stream of rental payments, even if the market rent is lower.
The data signature for ZIP 48360 suggests a stable environment. With a high median income and a significant median home value, the community is likely to remain financially robust. The low percentage of renters indicates a preference for long-term investment in property ownership, which supports a stable housing market. While the voucher program offers an opportunity for consistent income, the overall economic indicators point towards a ZIP code that is unlikely to undergo major transitional changes in the near future.
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.