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 |
Detroit-Warren-Livonia County's ZIP code 48366 stands out due to its unique characteristics, which are currently marked by insufficient data points for a comprehensive analysis. The lack of detailed demographic information such as the number of residents, percentage of renters, median income, and median home value means that the full picture of the area's socio-economic landscape remains incomplete.
Despite these gaps, there is significant insight to be gleaned from the Section 8 voucher economics. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 48366 is set at $1460. This figure is critical for landlords and small-portfolio investors, as it represents the maximum rental amount that can be charged to tenants participating in the Section 8 program. Comparatively, the market rent for the area is also marked as N/A, suggesting that the FMR may serve as a reliable benchmark for rental pricing in the absence of other data.
The FMR provides a clear guideline for rental rates, ensuring that landlords receive fair compensation while still keeping housing affordable for low-income families. However, without a direct comparison to the actual market rent, it's challenging to assess how competitive this rate is or if it accurately reflects the local rental market conditions.
Given the limited data available, the overall economic situation of ZIP 48366 appears transitional. The absence of key indicators suggests ongoing changes in the community that could affect the stability of the rental market and the demand for affordable housing solutions like Section 8 vouchers. Landlords and investors should closely monitor future updates to these statistics to make informed decisions about their investment strategies.
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.