48028, Harsens Island, MI

Home Equity and Home Prices in the 48028 Zip Code of Harsens Island, MI

Harsens Island is located in the 48028 zip code in Michigan. According to the 2010 census, the population of this zip code was 2,521. The median household income was $105,813. The per capita income was $41,927. In 2008, home prices in this zip code were $191,000. As of March 2016, home prices have increased to an estimated value of $248,000. This represents a growth rate of 9%.

The 48028 zip code has a high percentage of homeownership (79%). This is higher than the state average (68%) and national average (64%). Additionally, there is a high percentage of owner-occupied housing units (81%), which is higher than the state average (72%) and national average (64%).

The 48028 zip code has a low percentage of rentership (<25%). This is lower than the state average (<30%) and national average (<35%).

There are several factors that may contribute to this increase in home values over time in this particular zip code:

1) The overall economy has been strong over the past few years which may lead to more people wanting or needing to purchase homes; 2) There are relatively few new housing units being constructed in this area which may lead to increased demand for existing homes; 3) The population density is relatively low compared to other areas within Michigan which may also contribute to increased demand for homes; 4) The quality and size of homes available for sale in this area are generally higher than those found elsewhere within Michigan; 5) There are relatively few families who live here full-time who may be looking to sell their home soon; 6) Home prices tend not to decline as quickly as other areas within Michigan's economy when there is an economic recession - meaning that buyers have more time to find a comparable property if they decide they want one; 7) Harsens Island offers many amenities that many people desire such as great weather year-round and plenty of recreational opportunities nearby.