Ann Arbor, MI · Michigan
Washtenaw County
ZIP 48109
368,394 residents1,438 permits TTM$87,156 median HHI14 ZIP codesUpdated April 16, 2026
Investor first look
Median home value
$353,000
ACS 5-Year
Cap rate proxy
4.8%
FMR × 0.65 ÷ Home Value
Rent-to-income
19.3%
HUD FMR ÷ ACS HHI
Net migration
+2.22%
IRS SOI
Permits (TTM)
1,438
Census BPS
Climate risk
89.3
FEMA NRI (0–100)
ZIP 48109
Median home value
—
Gross yield
—
Cap rate
4.8%
Rent gap
—
Affordability
P/I: 4.0R/I: —
Section 8 detail
SAFMR: —Rent: —Gap: —
ZIP code breakdown14 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 48198 | $224,870 | $1,340 | 7.2% | 8.5% | -18.4% |
| 48191 | — | — | — | 5.8% | — |
| 48190 | — | — | — | 4.8% | — |
| 48189 | — | — | — | 4.8% | — |
| 48108 | — | — | — | 5.7% | — |
Ranked by composite score
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Demographics
Owner-occupied
61.6%
Census ACS
Vacancy rate
5.6%
Census ACS
Bachelor's degree +
58.1%
Census ACS
Rent burdened
51.1%
Census ACS (>30% income)
Median age
34.8
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 16, 2026