How much is a home worth in ZIP code 48124?

The typical home in 48124 is worth $238,913, based on the Zillow Home Value Index.

Are home values rising in 48124?

Home values in 48124 are up 3.6% over the past year, and up 6.7% a year over five years.

What is the typical rent in 48124?

A typical home in 48124 rents for about $1,756 a month, a gross rental yield of 8.8%.

What is the property tax rate in 48124?

The effective property tax rate in 48124 is 1.7% — roughly $4,160 a year on a typical home.

ZIP code 48124 has a population of 34,479 and a median household income of $81,796.

HousingHandbookReference data

…

U.S. ZIP Code · MI48124

Wayne County · Detroit-Warren-Dearborn, MI

Typical home value

$238,913^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.6%
5-year / yr: +6.7%
10-year / yr: +7.7%

Relative price

vs U.S.: -15.9%
vs metro: -21.1%
vs state: ≈ state median

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 48124 is worth $238,913 — 21.1% below the Detroit-Warren-Dearborn, MI median. Over the past year, values have risen 3.6%. Homes here rent for a typical $1,756 a month — a 8.8% gross rental yield. The effective property tax rate is 1.7%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,756^[2]
Gross yield: 8.8%^[2]
Cap rate: 5.3%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.7%^[3]
Typical annual tax: $4,160^[3]

#Climate risk

FEMA National Risk Index ratings for Wayne County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Very High
Coastal flood: Relatively Low
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively High
Hurricane: Very Low
Tornado: Very High
Earthquake: Relatively Moderate
Winter weather: Relatively High

#Who lives here

Population: 34,479^[3]
Median household income: $81,796^[3]

#Migration

Household moves in and out of Wayne County over a year, from IRS tax-return data.

Net migration: -4,559^[5]
Moved in: 28,607
Moved out: 33,166

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 12
Elementary: 6
Middle: 2
High: 3

Dearborn High School
High · Grades 9–12 · Dearborn City School District
1,882 students
Edsel Ford High School
High · Grades 9–12 · Dearborn City School District
1,571 students
Stout Middle School
Middle · Grades 6–8 · Dearborn City School District
712 students
Henry Ford Academy
High · Grades 9–12 · Henry Ford Academy
492 students
Dearborn Public Schools Virtual K12
Other · Grades K–12 · Dearborn City School District
491 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield8.8%

Net yield (after ~40% expenses)5.3%

Annual rent$21,077

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,208

Loan principal$191,130

Down payment$47,783

Total interest paid$243,776

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.00

Monthly cost to own$1,754

Monthly rent$1,756

Owning and renting are roughly even.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 96th percentile^[1]
Rental yield: 68th percentile^[2]
Property tax: 94th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 48124?: The typical home in 48124 is worth $238,913, based on the Zillow Home Value Index.
Are home values rising in 48124?: Home values in 48124 are up 3.6% over the past year, and up 6.7% a year over five years.
What is the typical rent in 48124?: A typical home in 48124 rents for about $1,756 a month, a gross rental yield of 8.8%.
What is the property tax rate in 48124?: The effective property tax rate in 48124 is 1.7% — roughly $4,160 a year on a typical home.
Who lives in 48124?: ZIP code 48124 has a population of 34,479 and a median household income of $81,796.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

48026 vs 48124 →
Fraser, MI
Typical home
$238,809
Gross yield
—
48075 vs 48124 →
Southfield, MI
Typical home
$239,103
Gross yield
8.0%
48237
Oak Park, MI
Typical home
$236,061
Gross yield
7.6%
48464
Otter Lake, MI
Typical home
$235,891
Gross yield
—
48081
St. Clair Shores, MI
Typical home
$242,205
Gross yield
7.7%
48126
Dearborn, MI
Typical home
$235,531
Gross yield
9.1%

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#Jump to section

U.S. ZIP Code · MI48124

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