Federal Housing Finance Agency Home Price Index (FHFA HPI):
Muskegon, MI is a Federal Housing Finance Agency home price index that comprises the county of Muskegon County. Its most recent index value is 264.95.
The Muskegon, MI, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index was created in order to be a more timely measure of home price changes than other indices because it only uses data from closed loans.
The HPI value for any given month represents the change in prices for homes with mortgages backed by Fannie Mae or Freddie Mac from one period to another. For example, if the HPI for Muskegon, MI is 120.0 in January 2020 and 121.7 in February 2020, this means that home prices in Muskegon increased by 1.7% from January to February 2020.
Muskegon's HPI value has been relatively stable over the past few years, hovering around 115-120 since 2016. However, there was a sharp decrease in value during the housing market crash of 2008-2009, when the HPI fell to as low as 91.4.
Home equity is the portion of a property's value that is owned outright by the homeowner; it can be thought of as a homeowner's "stake" in their property. Home equity increases as a property's value goes up and decreases as its value falls; conversely, negative equity occurs when a property's market value is less than what is owed on its mortgage(s).
In Muskegon County, Michigan, home values have been steadily increasing since bottoming out during the Great Recession; according to Zillow data, the median home value in Muskegon County was $95,100 in January 2009 and had risen to $145,700 by December 2019 - an increase of 53%. This means that many homeowners who purchased properties during or after the recession have seen their home equity increase significantly over time.
However, it is important to remember that home values are not guaranteed to continue rising indefinitely; while current conditions may be favorable for sellers (and those looking to cash out on their equity), there is always potential for a future market downturn which could lead to decreased values and negative equity positions for some homeowners.
Price Index: Muskegon, MI
Name | State | Population |
---|---|---|
Muskegon | Michigan | 129,110 |
Twin Lake | Michigan | 10,137 |
Whitehall | Michigan | 9,174 |
Fruitport | Michigan | 6,905 |
Montague | Michigan | 6,852 |
Ravenna | Michigan | 6,025 |
Holton | Michigan | 3,823 |
Casnovia | Michigan | 1,515 |
Bailey | Michigan | 1,019 |
Zipcode | Population | Density | Timezone | Latitude | Longitude | City | County | State |
---|---|---|---|---|---|---|---|---|
49425 | 3,823 | 23.2 | America/Detroit | 43.43849 | -86.09886 | Holton | Muskegon County | Michigan |
49451 | 6,025 | 28 | America/Detroit | 43.21197 | -85.96945 | Ravenna | Muskegon County | Michigan |
49437 | 6,852 | 40.2 | America/Detroit | 43.45945 | -86.38286 | Montague | Muskegon County | Michigan |
49415 | 6,905 | 90.6 | America/Detroit | 43.15111 | -86.11799 | Fruitport | Muskegon County | Michigan |
49461 | 9,174 | 81.3 | America/Detroit | 43.38260 | -86.32258 | Whitehall | Muskegon County | Michigan |
49457 | 10,137 | 50.6 | America/Detroit | 43.35365 | -86.14828 | Twin Lake | Muskegon County | Michigan |
49445 | 21,670 | 136.7 | America/Detroit | 43.29648 | -86.27539 | Muskegon | Muskegon County | Michigan |
49444 | 29,684 | 482.3 | America/Detroit | 43.17906 | -86.19887 | Muskegon | Muskegon County | Michigan |
49441 | 35,365 | 628.2 | America/Detroit | 43.18555 | -86.27255 | Muskegon | Muskegon County | Michigan |
49442 | 41,580 | 368.7 | America/Detroit | 43.24203 | -86.12904 | Muskegon | Muskegon County | Michigan |