How much is a home worth in ZIP code 48223?

The typical home in 48223 is worth $88,710, based on the Zillow Home Value Index.

Are home values rising in 48223?

Home values in 48223 are up 1.5% over the past year, and up 1.3% a year over five years.

What is the typical rent in 48223?

A typical home in 48223 rents for about $1,215 a month, a gross rental yield of 16.4%.

What is the property tax rate in 48223?

The effective property tax rate in 48223 is 1.7% — roughly $1,479 a year on a typical home.

ZIP code 48223 has a population of 22,622 and a median household income of $44,512.

HousingHandbookReference data

…

U.S. ZIP Code · MI48223

Wayne County · Detroit-Warren-Dearborn, MI

Typical home value

$88,710^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.5%
5-year / yr: +1.3%
10-year / yr: +9.0%

Relative price

vs U.S.: -68.8%
vs metro: -70.7%
vs state: -62.9%

Price history

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

The typical home in 48223 is worth $88,710 — 70.7% below the Detroit-Warren-Dearborn, MI median. Over the past year, values have risen 1.5%. Homes here rent for a typical $1,215 a month — a 16.4% 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: $1,215^[2]
Gross yield: 16.4%^[2]
Cap rate: 9.9%^[2]

#Property tax

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

Effective tax rate: 1.7%^[3]
Typical annual tax: $1,479^[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: 22,622^[3]
Median household income: $44,512^[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: 5
Elementary: 4
Middle: 0
High: 1

Gompers ElementaryMiddle School
Elementary · Grades PK–8 · Detroit Public Schools Community District
807 students
Detroit Leadership Academy K8
Elementary · Grades PK–8 · Detroit Leadership Academy
467 students
Cooke STEM Academy
Elementary · Grades PK–6 · Detroit Public Schools Community District
333 students
Detroit Community Schools Elementary
Elementary · Grades PK–8 · Detroit Community Schools
298 students
Detroit Community Schools High School
High · Grades 9–12 · Detroit Community Schools
249 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 yield16.4%

Net yield (after ~40% expenses)9.9%

Annual rent$14,582

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$449

Loan principal$70,968

Down payment$17,742

Total interest paid$90,516

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 ratio0.53

Monthly cost to own$646

Monthly rent$1,215

Owning is meaningfully cheaper month-to-month.

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: 8th percentile^[1]
Rental yield: 90th percentile^[2]
Property tax: 91st percentile^[3]

Frequently asked

How much is a home worth in ZIP code 48223?: The typical home in 48223 is worth $88,710, based on the Zillow Home Value Index.
Are home values rising in 48223?: Home values in 48223 are up 1.5% over the past year, and up 1.3% a year over five years.
What is the typical rent in 48223?: A typical home in 48223 rents for about $1,215 a month, a gross rental yield of 16.4%.
What is the property tax rate in 48223?: The effective property tax rate in 48223 is 1.7% — roughly $1,479 a year on a typical home.
Who lives in 48223?: ZIP code 48223 has a population of 22,622 and a median household income of $44,512.

#Comparable ZIPs

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

48214 vs 48223 →
Detroit, MI
Typical home
$89,148
Gross yield
17.5%
48209 vs 48223 →
Detroit, MI
Typical home
$89,818
Gross yield
13.4%
48206
Detroit, MI
Typical home
$89,916
Gross yield
17.0%
48219
Detroit, MI
Typical home
$90,152
Gross yield
16.2%
48218
River Rouge, MI
Typical home
$86,558
Gross yield
—
48235
Detroit, MI
Typical home
$92,918
Gross yield
16.9%

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Pit ZIP 48223 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48223

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