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Detroit city, MI

ZIP 48240 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 48240

Median Home Value
$120,700
Median Rent
$1,074
Affordability Snapshot
$33,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$775/mo PITI).

22%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.1x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

9.4 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 48240 in Detroit city, MI, a household would need roughly $33,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $775. That sits below the local median household income ($57,970), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
74.2%+13% vs US avg
x
Vacancy Rate
6.4%-38% vs US avg
x
Broadband Access
89.8%+3% vs US avg
x
4+ Bedrooms
2.5%-83% vs US avg
x
Built Pre-1939
14.0%+10% vs US avg
x
Built Post-2014
0.0%
x
Rent Burden >30%
18.0%-64% vs US avg
x
Mortgage-Free
41.0%+7% vs US avg
x
$120,700
Home Value
$1,074
Rent
1955
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached94.6%
  • 1-unit attached1.2%
  • 2-9 units1.8%
  • 10+ units1.1%
  • Mobile home & other1.3%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$120,700
Median rent$1,074
Owner-occupied74.2%
Vacant6.4%
Price-to-income2.1x
Est. income to buy$33,000