Rental market data · 2024 Census estimates

Detroit, MI rental yield and cash flow

In the Detroit-Warren-Dearborn, MI metro, the median owner-occupied home was valued at $271,600 and the median gross rent was $1,248 a month in 2024. That is a gross rent yield of 5.51%, rank 19 of the 100 largest metros we track.

$271,600Median home value (±$2,503)

$1,248Median gross rent / mo (±$18)

5.51%Gross rent yield

18.1Price-to-rent ratio

1.28%Median taxes ÷ median value

29%Renter-occupied homes

0.46%Monthly rent ÷ price (1% rule)

4.40MMetro population

Does the median home cash flow at today's rate?

We priced a hypothetical rental at the metro medians: $271,600 purchase, $1,248 rent, 25% down, a 30-year loan at 7.28% (Freddie Mac's 30-year average for the week of October 1, 2026), $3,489 in annual property taxes, insurance at 0.5% of price, and 5% vacancy, 10% repairs and 8% management.

At these assumptions the median-priced home runs about $837 a month short of covering its costs (DSCR 0.40). Rent would need to reach about $2,335, 87% above the median, to break even, or the price would need to be near $98,111 for a 1.25 DSCR. Net operating income is about $6,685 a year, a 2.46% cap rate, against $16,725 of annual debt service.

Investment-property loans usually price above the owner-occupant average this survey reports, and your insurance quote, tax bill and rent will differ from a metro median. Change any input below.

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How Detroit compares

Metros with the nearest gross yields among the 100 we track. * Cash flow uses the same assumptions as above.

Rank	Metro	Median value	Median rent	Gross yield	Price-to-rent	Cash flow / mo*
16	Columbia, SC	$270,400	$1,257	5.58%	17.9	-$643
17	Cleveland, OH	$234,700	$1,087	5.56%	18.0	-$762
18	Little Rock, AR	$237,300	$1,093	5.53%	18.1	-$596
19	Detroit, MI	$271,600	$1,248	5.51%	18.1	-$837
20	Oklahoma City, OK	$253,200	$1,162	5.51%	18.2	-$700
21	Orlando, FL	$409,400	$1,877	5.50%	18.2	-$1,077
22	Tampa, FL	$387,400	$1,776	5.50%	18.2	-$1,022

What these numbers leave out

Census gross rent includes utilities when the tenant pays them, so it can overstate what a landlord collects. Median value describes owner-occupied homes, not the rental stock, and a metro median hides wide neighborhood differences. Treat this page as a screen, then underwrite the specific property.

Sources

U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25064 (median gross rent)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25077 (median value, owner-occupied housing units)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25103 (median real estate taxes paid)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B25003 (housing tenure)
U.S. Census Bureau, 2024 American Community Survey 1-year estimates, table B01003 (total population)
Freddie Mac Primary Mortgage Market Survey (30-year fixed average, week of October 1, 2026)

Data snapshot October 7, 2026. Methodology: all metros.