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ZIP Code · MI

ZIP 48240

Part of Redford, MI
Pop. 17,008·Wayne County·66th most expensive ZIP in Michigan
Median rent (all units)
$1,555/mo
Year-over-Year
+4.6%
Month-over-Month
-0.3%
vs US Median
-$410
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 48240 · $1,555
More affordable than 70% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,140
1 BR
$1,270
2 BR
$1,600
3 BR
$1,950
4 BR+
$2,120
Research median
$1,600/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$18,660/yr
At $1,555/mo median
Location
StateMI
CountyWayne County
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (4.6% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+4.6% YoY, -0.3% MoM), not inventory.
Demographics

Who lives here

ZIP 48240 (Redford, MI) is majority owner-occupied, has a median income below the national average, 21.6% of residents hold a bachelor's degree or higher.

Population
17,008
Median income
$60,390
Median age
38.6
Renters
24.2%
Age distribution
22%
23.1%
25.9%
14.3%
14.6%
Under 1822%
18–3423.1%
35–5425.9%
55–6414.3%
65+14.6%
Gender
47.9%
52.1%
Male47.9%
Female52.1%
Race & ethnicity
45.7%
41.1%
White45.7%
Black41.1%
Hispanic5.2%
Asian1%
Other7%
Education (25+)
34.3%
33.2%
21.6%
No HS diploma10.8%
HS diploma34.3%
Some college33.2%
Bachelor's+21.6%
Housing tenure
75.8%
24.2%
Owner75.8%
Renter24.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 48240 in Redford, MI has changed in 5 years

Income
$55,352 → $60,390
up 9.1%
Population
17,213 → 17,008
down 1.2%
Renter share
27.2% → 24.2%
-3.0 pts
Bachelor's+
21.1% → 21.6%
+0.5 pts
Median age
39.4 → 38.6
-0.8 yrs

On the earnings side, the typical household in ZIP 48240 in Redford, MI now reports about $60,390, up from $55,352 in 2021. Headcount in the area went from 17,213 to 17,008 between 2021 and 2024, a 1.2% change. About 24.2% of households rent today, against 27.2% in 2021.

Community

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Local insights

Tips for renters in ZIP 48240

About renting in ZIP 48240

Last updated: July 20, 2026

ZIP code 48240 covers Redford, MI. The median rent here is $1,555/mo as of July 2026. A 1-bedroom rents for a median of $1,270/mo. A 2-bedroom rents for a median of $1,600/mo.

At 31% of local median household income ($60,390/yr), ZIP 48240 ranks as moderate compared to the national benchmark of 30%. Rents have increased 4.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 48240?

As of July 20, 2026, the median monthly rent in ZIP 48240 (Redford, MI) is $1,555. This is based on aggregated data from public sources and community submissions.

How does ZIP 48240 rent compare to the US average?

ZIP 48240's median rent of $1,555/mo is $410 (21%) below the US national median of $1,965/mo.

How does ZIP 48240 compare to other ZIPs in Michigan?

ZIP 48240 falls in the middle range for Michigan, ranking #66 out of 165 ZIPs at $1,555/mo.

How much income do you need to rent in ZIP 48240?

To keep rent at or below 30% of gross income, you would need to earn at least $62,000/year (~$30/hour full-time) to afford the median rent of $1,555/mo in ZIP 48240. The local median household income is $60,390/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 48240?

Rent in ZIP 48240 has increased 4.6% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 48240 an affordable place to rent?

ZIP 48240 is considered moderate for renters. At $1,555/mo, rent takes approximately 31% of the local median household income ($60,390/yr). The standard benchmark is 30%. ZIP 48240 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 48240 residents rent vs. own?

According to Census data, approximately 24.2% of ZIP 48240 households are renters, while 75.8% are owner-occupied. ZIP 48240 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 48240 compare to the rest of Redford?

ZIP 48240 is more affordable than Redford overall. At $1,555/mo, it's $21 below the Redford citywide median of $1,576/mo.

When was rent data for ZIP 48240 last updated?

Rent data for ZIP 48240 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
31%
MODERATE

At $1,555/mo, rent takes ~31% of ZIP 48240's median household income ($60,390/yr). The standard benchmark is 30%.

ZIP 48240 31%Benchmark 30%
State income tax4.25%
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Schools nearby

Public schools near ZIP 48240 (Redford, MI)

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