How much is a home worth in ZIP code 48240?

The typical home in 48240 is worth $155,335, based on the Zillow Home Value Index.

Are home values rising in 48240?

Home values in 48240 are down 0.1% over the past year, and up 5.3% a year over five years.

What is the typical rent in 48240?

A typical home in 48240 rents for about $1,567 a month, a gross rental yield of 12.1%.

What is the property tax rate in 48240?

The effective property tax rate in 48240 is 1.6% — roughly $2,509 a year on a typical home.

ZIP code 48240 has a population of 17,008 and a median household income of $60,390.

HousingHandbookReference data

…

U.S. ZIP Code · MI48240

Wayne County · Detroit-Warren-Dearborn, MI

Typical home value

$155,335^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -0.1%
5-year / yr: +5.3%
10-year / yr: +10.1%

Relative price

vs U.S.: -45.3%
vs metro: -48.7%
vs state: -35.0%

Price history

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

The typical home in 48240 is worth $155,335 — 48.7% below the Detroit-Warren-Dearborn, MI median. Over the past year, values have fallen 0.1%. Homes here rent for a typical $1,567 a month — a 12.1% 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: $1,567^[2]
Gross yield: 12.1%^[2]
Cap rate: 7.3%^[2]

#Property tax

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

Effective tax rate: 1.6%^[3]
Typical annual tax: $2,509^[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: 17,008^[3]
Median household income: $60,390^[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: 11
Elementary: 5
Middle: 1
High: 3

David Ellis Academy West
Other · Grades PK–12 · David Ellis Academy West
719 students
Redford Union High School
High · Grades 10–12 · Redford Union Schools District No. 1
505 students
Redford Union Jr High
Middle · Grades 7–9 · Redford Union Schools District No. 1
441 students
Beech Elementary
Elementary · Grades PK–6 · Redford Union Schools District No. 1
427 students
Redford Service Learning Academy Campus
Elementary · Grades PK–8 · Detroit Service Learning Academy
365 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 yield12.1%

Net yield (after ~40% expenses)7.3%

Annual rent$18,800

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$785

Loan principal$124,268

Down payment$31,067

Total interest paid$158,497

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 ratio0.72

Monthly cost to own$1,125

Monthly rent$1,567

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: 58th percentile^[1]
Rental yield: 85th percentile^[2]
Property tax: 86th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 48240?: The typical home in 48240 is worth $155,335, based on the Zillow Home Value Index.
Are home values rising in 48240?: Home values in 48240 are down 0.1% over the past year, and up 5.3% a year over five years.
What is the typical rent in 48240?: A typical home in 48240 rents for about $1,567 a month, a gross rental yield of 12.1%.
What is the property tax rate in 48240?: The effective property tax rate in 48240 is 1.6% — roughly $2,509 a year on a typical home.
Who lives in 48240?: ZIP code 48240 has a population of 17,008 and a median household income of $60,390.

#Comparable ZIPs

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

48021 vs 48240 →
Eastpointe, MI
Typical home
$154,597
Gross yield
10.9%
48146 vs 48240 →
Lincoln Park, MI
Typical home
$152,934
Gross yield
9.3%
48225
Harper Woods, MI
Typical home
$152,670
Gross yield
10.8%
48091
Warren, MI
Typical home
$158,249
Gross yield
10.3%
48341
Pontiac, MI
Typical home
$151,967
Gross yield
—
48030
Hazel Park, MI
Typical home
$158,915
Gross yield
11.5%

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Pit ZIP 48240 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48240

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