How much is a home worth in ZIP code 48238?

The typical home in 48238 is worth $53,661, based on the Zillow Home Value Index.

Are home values rising in 48238?

Home values in 48238 are down 8.6% over the past year, and up 0.8% a year over five years.

What is the typical rent in 48238?

A typical home in 48238 rents for about $1,196 a month, a gross rental yield of 26.8%.

What is the property tax rate in 48238?

The effective property tax rate in 48238 is 1.6% — roughly $858 a year on a typical home.

ZIP code 48238 has a population of 24,731 and a median household income of $33,315.

HousingHandbookReference data

…

U.S. ZIP Code · MI48238

Wayne County · Detroit-Warren-Dearborn, MI

Typical home value

$53,661^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -8.6%
5-year / yr: +0.8%
10-year / yr: +8.4%

Relative price

vs U.S.: -81.1%
vs metro: -82.3%
vs state: -77.6%

Price history

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

The typical home in 48238 is worth $53,661 — 82.3% below the Detroit-Warren-Dearborn, MI median. Over the past year, values have fallen 8.6%. Homes here rent for a typical $1,196 a month — a 26.8% 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.

Monthly rent: $1,196^[2]
Gross yield: 26.8%^[2]
Cap rate: 16.1%^[2]

#Property tax

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

Effective tax rate: 1.6%^[3]
Typical annual tax: $858^[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: 24,731^[3]
Median household income: $33,315^[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: 6
Elementary: 5
Middle: 0
High: 0

Mary McLeod Bethune ElementaryMiddle School
Elementary · Grades PK–8 · Detroit Public Schools Community District
690 students
Flagship Charter Academy
Elementary · Grades K–8 · Flagship Charter Academy
649 students
Thurgood Marshall Elementary School
Elementary · Grades PK–8 · Detroit Public Schools Community District
520 students
Noble ElementaryMiddle School
Elementary · Grades PK–8 · Detroit Public Schools Community District
496 students
New Paradigm Glazer Academy
Elementary · Grades K–8 · New Paradigm Glazer-Loving Academy
199 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 yield26.8%

Net yield (after ~40% expenses)16.1%

Annual rent$14,355

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$271

Loan principal$42,929

Down payment$10,732

Total interest paid$54,753

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 ratio0.32

Monthly cost to own$388

Monthly rent$1,196

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: 7th percentile^[1]
Rental yield: 98th percentile^[2]
Property tax: 84th percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

Frequently asked

How much is a home worth in ZIP code 48238?: The typical home in 48238 is worth $53,661, based on the Zillow Home Value Index.
Are home values rising in 48238?: Home values in 48238 are down 8.6% over the past year, and up 0.8% a year over five years.
What is the typical rent in 48238?: A typical home in 48238 rents for about $1,196 a month, a gross rental yield of 26.8%.
What is the property tax rate in 48238?: The effective property tax rate in 48238 is 1.6% — roughly $858 a year on a typical home.
Who lives in 48238?: ZIP code 48238 has a population of 24,731 and a median household income of $33,315.

#Comparable ZIPs

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

48204 vs 48238 →
Detroit, MI
Typical home
$53,352
Gross yield
24.8%
48234 vs 48238 →
Detroit, MI
Typical home
$54,528
Gross yield
26.4%
48205
Detroit, MI
Typical home
$52,542
Gross yield
29.1%
48211
Detroit, MI
Typical home
$56,860
Gross yield
—
48203
Detroit, MI
Typical home
$59,497
Gross yield
22.7%
48217
Detroit, MI
Typical home
$59,888
Gross yield
—

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Pit ZIP 48238 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48238

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