04929, Detroit, ME

Detroit, Maine has a population of just over 21,000 people. The median household income is $42,000 and the median home value is $130,000. Detroit has a high unemployment rate of 11% and a poverty rate of 25%.

The 4929 zip code in Detroit has a high home equity and home prices. The average home value in this zip code is $130,000 which is more than double the median household income of $42,000. This indicates that there are a lot of homes in this zip code that are worth more than what the average person earns. In addition, the unemployment rate in this zip code is 11%, which is much higher than the Maine statewide unemployment rate of 4%. This suggests that there are not enough jobs available to support all the homes in this zip code.

One possible explanation for why there are so many homes in this zip code that are worth more than what the average person earns is that there are a lot of wealthy people living in Detroit. The median household income in Detroit is $42,000 which is lower than the median household income for all of Maine ($55,600). In addition, only 6% of households in Detroit have an income below $25,000 which compared to 23% of households statewide have an income below $25k. These data suggest that there may be a lot more wealthy people living in Detroit than elsewhere in Maine.

Another possible explanation for why there are so many homes in this zip code that are worth more than what the average person earns is that there are a lot of developers building new homes here. The average home value increase from 2010 to 2016 was 28%. This indicates that even though demand for housing may be low overall due to high unemployment rates and poverty rates, developers continue to build new homes here because they believe it will be profitable later on.

Overall it seems clear that there are several factors contributing to high home equity and home prices within the 4929 zip code including high incomes (due to wealthy residents), low unemployment rates (due to few job opportunities), and rapid house price appreciation (due to development). It will be interesting to see how these factors change over time as economic conditions change or if other factors come into play