U.S. ZIP Code · MI48224
Wayne County · Detroit-Warren-Dearborn, MI
Appreciation
- 1-year
- -4.8%
- 5-year / yr
- +2.9%
- 10-year / yr
- +9.1%
Relative price
- vs U.S.
- -70.9%
- vs metro
- -72.7%
- vs state
- -65.4%
Price history
Zillow Home Value Index — monthly, smoothed and seasonally adjusted.
The typical home in 48224 is worth $82,764 — 72.7% below the Detroit-Warren-Dearborn, MI median. Over the past year, values have fallen 4.8%. Homes here rent for a typical $1,313 a month — a 19.0% gross rental yield. The effective property tax rate is 1.6%.
#Rent & investment
Typical asking rent, and the returns it implies at the current home value.
#Property tax
Effective rate — total real estate taxes paid relative to total home value.
#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
#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
- 7
- Elementary
- 3
- Middle
- 1
- High
- 2
Ronald Brown Academy
Elementary · Grades PK–8 · Detroit Public Schools Community District
874 students
East English Village Preparatory Academy at Finney
High · Grades 9–12 · Detroit Public Schools Community District
678 students
Denby High School
High · Grades 9–12 · Detroit Public Schools Community District
512 students
Carleton Elementary School
Elementary · Grades PK–5 · Detroit Public Schools Community District
379 students
Wayne Elementary School
Elementary · Grades PK–5 · Detroit Public Schools Community District
248 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.
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.
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.
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.
Rankings
Top-10 lists this ZIP code appears on.
Frequently asked
- How much is a home worth in ZIP code 48224?
- The typical home in 48224 is worth $82,764, based on the Zillow Home Value Index.
- Are home values rising in 48224?
- Home values in 48224 are down 4.8% over the past year, and up 2.9% a year over five years.
- What is the typical rent in 48224?
- A typical home in 48224 rents for about $1,313 a month, a gross rental yield of 19.0%.
- What is the property tax rate in 48224?
- The effective property tax rate in 48224 is 1.6% — roughly $1,299 a year on a typical home.
- Who lives in 48224?
- ZIP code 48224 has a population of 39,668 and a median household income of $44,856.
#Comparable ZIPs
Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.
Ecorse, MI
- Typical home
- $82,076
- Gross yield
- —
MI
- Typical home
- $81,159
- Gross yield
- —
River Rouge, MI
- Typical home
- $86,558
- Gross yield
- —
Detroit, MI
- Typical home
- $88,710
- Gross yield
- 16.4%
Detroit, MI
- Typical home
- $89,148
- Gross yield
- 17.5%
Detroit, MI
- Typical home
- $89,818
- Gross yield
- 13.4%
Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →
Compare ZIPs
Pit ZIP 48224 against any other ZIP — full side-by-side table.
#Articles featuring this ZIP
Explainers, guides, and lists that use 48224 as an example.
- ExplainerWhat Is Cap Rate? A Guide for Rental Investors
Cap rate is the simplest yield metric in real estate. It is also the most-abused. This guide explains the math, the common traps, and how investors actually use it to compare properties.
#Jump to section