ZIP Code · MI

ZIP 48240

Part of Redford, MI

Pop. 17,008·Wayne County·65th most expensive ZIP in Michigan

Median rent (all units)

$1,573/mo

Year-over-Year

+3.6%

Month-over-Month

Stable

vs US Median

-$359

Reported rents

Stable (Monthly)

Be the first to discuss 48240 rents ↓

Most AffordableMost Expensive

ZIP 48240 · $1,573

More affordable than 68% of US ZIP codes · National median $1,932/mo

Rent check

Is your rent fair?

Compare your rent to the local median.

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

Loading…

Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 48240 is 1.2% below its high of $1,592 in June 2026, at $1,573 as of September 2026.

Past year vs. the rest of Michigan

Rent in ZIP 48240 changed +3.6% over the year to September 2026. Across the 134 Michigan ZIP codes Zillow tracks, the typical change was +4.4%.

Recent direction

Rent rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($60,390) is $1,510 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,270); a 2-bedroom is $1,600.

Cheaper nearby

ZIP 48219, 3 miles away, rents for 13% less ($1,363/mo), about $2,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 48240. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$18,876/yr

At $1,573/mo median

Location

CityRedford

StateMI

CountyWayne County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (3.6% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+3.6% YoY, +0.1% 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

2023 vs 2026

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

Rent

$1,370 → $1,573

up 14.8%

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

Compared with 2023, rent in ZIP 48240 in Redford, MI has climbed by $203 per month, settling near $1,573 after starting the period at $1,370. On the earnings side, the typical household in ZIP 48240 in Redford, MI now reports about $60,390, up from $55,352 in 2021. Rent outpaced income growth by roughly 5.7 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did 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. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 48240 in Redford, MI reflects that arc in its own way.

Community

Discussions about ZIP 48240

No discussions yet. Start the conversation.

Local insights

Tips for renters in ZIP 48240

About renting in ZIP 48240

Last updated: October 17, 2026

ZIP code 48240 covers Redford, MI. The median rent here is $1,573/mo as of October 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 3.6% over the past year.

FAQ

Frequently asked questions

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 $63,000/year (about $30/hour full-time) to afford the median rent of $1,573/mo in ZIP 48240. The local median household income is $60,390/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 48240?

Rent in ZIP 48240 has risen 3.6% over the past year as of September 2026. It sits 1.2% below its high of $1,592 in June 2026.

How does ZIP 48240 compare to other ZIPs in Michigan?

ZIP 48240 is in the middle among Michigan ZIP codes for rent, ranking #65 of 168 at $1,573/mo. Over the year to September 2026, rent in ZIP 48240 changed +3.6%, against a typical +4.4% across the 134 Michigan ZIP codes Zillow tracks.