Location: Detroit-Warren-Livonia, MI | Metro: Detroit-Warren-Livonia, MI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,690 | $399,883 | 0.42% | F |
| 4BR | $1,840 | $465,597 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 48428 presents a dynamic rental market influenced by its current Fair Market Rent (FMR) and market rent conditions. The FMR for ZIP 48428 in fiscal year 2024 stands at $1,340, indicating a benchmark that landlords can use to set competitive rents. Meanwhile, the Census American Community Survey (ACS) reports the actual market rent at $1,165. This suggests that while there is room for rent increases, the market is currently stable and not overly pressured.
The median home value in ZIP 48428 is $387,462, which is a significant figure reflecting the overall property values in the area. However, without historical data on price-cut shares and days on market (DOM), it's challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the fact that the FMR is higher than the market rent might imply that demand is keeping pace with supply, but not creating a strong upward pressure on rents.
A noteworthy statistic is the 7.8% renter share, which is relatively low. This percentage indicates that a smaller proportion of residents are renters compared to homeowners. A lower renter share could suggest that the area experiences less long-term housing pressure because many residents own their homes, reducing the reliance on rental properties. For landlords and small-portfolio investors, this means that while the market is steady, there may be limited opportunities for rapid growth in rental income unless there is an increase in the number of renters due to external factors such as economic changes or new developments.
In summary, ZIP 48428 offers a balanced rental market with moderate potential for increasing rents towards the FMR level. The low renter share implies a stable environment but also limits the scale of the rental market's growth. Landlords should focus on maintaining competitive rents and understanding the local economy to predict future trends accurately.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.