48030, Hazel Park, MI

The 48030 zip code of Hazel Park, Michigan has a median home value of $172,000 and a median home equity value of $101,000. The 48030 zip code has seen an increase in home values over the past five years, with a 5.4% increase from 2013 to 2017. This is in line with the national trend of increasing home values.

There are several factors that may contribute to the increased prices in the 48030 zip code. Some potential reasons include an influx of new residents due to growth in the Detroit metropolitan area, low interest rates that have helped to stimulate demand for housing, and limited supply of homes available for purchase.

Despite these positive trends, there are some challenges facing homeowners in the 48030 zip code. One issue is that there is a high level of household debt relative to incomes, which could lead to difficulties paying off mortgages or other debts if house prices decline significantly. Additionally, while Hazel Park is experiencing strong growth overall, some areas within the city are seeing slower rates of development or even declines in property values. This could lead to tension between longtime homeowners and those who have recently moved into the area, potentially creating tensions over access to resources like schools and public services.