Real Estate Investing in Redford, Michigan (48240)
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Should you buy in 48240 (Redford, MI)? Our answer, based on the numbers below.
Strong fundamentals — affordable, appreciating, and stable. A confident pick for primary residence.
A balanced market — moderate cash flow and moderate appreciation. A "steady" investor profile fits best.
No major risk flags on the data we track.
What’s happening in Redford, MI (48240)?
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Market Analysis: 48240 Redford
ZIP 48240 is one of those Wayne County markets that does not swing much. $158K in median price, $1,604/mo in rent, and a 0.0% growth rate that stays near its long-run average.
For core-plus portfolios, 48240 is the kind of ZIP that fills out the weighted average. robust on the fundamentals, light on the surprises.
The robust case for 48240 regionally is its consistency — the ZIP has tracked MI trends without outsized volatility in either direction.
The resident base in 48240 has held steady over the past decade. A population of 17,097, a renter share near 26%, and a household-income profile tracking the county median all suggest a an appealing option for demographic foundation.
Strategically, 48240 is not where investors take big swings — it is where they hold quality, collect rent, and let time compound the modest 0.0% growth.
Here's what matters if you're considering buying a home in Redford:
Property Strategy for 48240
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $120,831 | $1,600 | 9.5% | +9.3% | $60,416 |
| 3BR | $161,573 | $1,950 | 8.7% | +8.0% | $53,858 |
| 4BR | $182,546 | $2,120 | 8.4% | +8.1% | $45,637 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 48240 Compare?
| Metric | 48240 | Redford | Detroit-Warren-Dearborn, MI | Michigan |
|---|---|---|---|---|
| Home Value | $158,480 | $169,800 | N/A | $253,279 |
| 5-Year CAGR | 5.0% | 5.1% | N/A | 6.8% |
| Avg Rent | $1,604 | $1,591 | N/A | - |
| Cap Rate | 7.9% | 7.3% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 48240 (Redford, MI). Anonymous, moderated, never written by AI.
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Property managers serving Wayne County
Manage rentals here? List your business →Metro Detroit Property Management manages and maintains properties with high standards, committed to the success of real estate investments in the Metro Detroit area. 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
Premier Property Services offers real estate services in Detroit, Fort Lauderdale, and Grosse Pointe Woods. 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 | $158,480 |
| Monthly Rent | $1,604 |
| Price-to-Rent | 8.2:1 |
| 1% Rule | ✓ Passes |
💰 Return Metrics
| Gross Yield | 12.2% |
| Cap Rate | 7.9% |
| 5-Year IRR | 12.9% |
📈 Home Appreciation
| 1-Year | +3.2% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +5.0% ▲ |
| 10-Year CAGR | +10.1% ▲ |
🏠 Rent Trends
| 1-Year | +15.6% ▲ |
| 3-Year CAGR | +8.7% ▲ |
| 5-Year CAGR | N/A |
The estimated cap rate (7.9%) exceeds the current 30-yr mortgage rate (6.8%). When borrowing costs less than a property yields, leverage can increase your cash-on-cash return above the cap rate.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 48240
Population: 17,097
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 48240
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
What do landlords charge for rent in Redford, MI?
Redford, MI rentals go for roughly $1,604/mo a month. That puts gross yield in solid territory relative to $158K acquisition costs.
What is the average home sale price in Redford, MI?
In Redford, MI the median home value sits at $158K. Against the broader MI market, that reads as reasonable for most investors.
Is MI a landlord-friendly state?
Redford, MI operates under MI law, which is landlord-friendly overall for landlords. Expect predictable treatment in typical lease and eviction cases.
Is Redford, MI a good market for FHA house hackers?
House hacking in Redford, MI is reasonable to execute. Prices around $158K and rents of $1,604/mo solid owner-occupant economics.
What is the investability score for Redford, MI?
Investors tracking Redford, MI will find a 4.0/5 rating supported by $158K median home values and $1,604/mo rents. That profile suits long-term holders targeting measured returns.
You know 48240 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 48240 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 48240 ranks in Detroit-Warren-Dearborn, MI
Every ZIP in this metro, ranked. Free.
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