Real Estate Investing in Richmond, Michigan (48062)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 48062 (Richmond, MI)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 27.4 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Richmond, MI (48062)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 48062 Richmond
From an investor standpoint, ZIP 48062 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $313K median. It rewards specialists, not generalists.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 48062 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Nearby ZIPs in Richmond have seen price recovery that 48062 has not matched. Macomb County data supports the view that the spread is structural rather than temporary.
A sturdy renter share of 17% in 48062 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Strategy in 48062 is an operator game, not a passive one. On the rental side, entry prices of $313K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 48062
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $216,941 | $1,060 | 3.5% | +5.3% | $108,471 |
| 3BR | $321,203 | $1,300 | 2.9% | +5.9% | $107,068 |
| 4BR | $373,694 | $1,400 | 2.7% | +6.0% | $93,423 |
Market Trends
Home Value History (with trend line)
📊 How Does 48062 Compare?
| Metric | 48062 | Richmond | Detroit-Warren-Dearborn, MI | Michigan |
|---|---|---|---|---|
| Home Value | $313,123 | $313,123 | N/A | $253,279 |
| 5-Year CAGR | 4.2% | 4.2% | N/A | 6.8% |
| Avg Rent | $954 | $954 | N/A | - |
| Cap Rate | 2.4% | 2.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 48062 (Richmond, MI). Anonymous, moderated, never written by AI.
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Property managers serving Macomb County
Manage rentals here? List your business →Beacon Management offers property management services for various communities and properties across Michigan, including Ann Arbor, Auburn Hills, Bloomfield Hills, Canton, and Southfield. summary from their website
Key 3 Property Management Group offers property management services in Michigan. summary from their website
Michigan Property Management Solutions offers homes for rent in Michigan, near Macomb Twp., Fraser, Utica, Clinton Valley, and Detroit. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $313,123 |
| Monthly Rent | $954 |
| Price-to-Rent | 27.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 6.6% |
📈 Home Appreciation
| 1-Year | +6.8% ▲ |
| 3-Year CAGR | +4.1% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 48062
Population: 9,273
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 48062
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How does Richmond, MI rate as a rental market?
Our data puts Richmond, MI at 3.0/5 for investability. Home prices of $313K and rents around $954/mo create a solid backdrop for investor activity.
What is the rental occupancy rate in Richmond, MI?
Rental vacancy in Richmond, MI is elevated. Investors should budget normal turnover but not chronic empty units.
Which real estate strategy fits Richmond, MI?
For Richmond, MI, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Can I live-in-and-rent in Richmond, MI?
Richmond, MI is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $313K price point reasonable to enter.
What is it like being a landlord in Richmond, MI?
Landlord-friendliness in Richmond, MI is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 48062 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 48062 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 48062 ranks in Detroit-Warren-Dearborn, MI
Every ZIP in this metro, ranked. Free.
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