48034, Southfield, MI

In the 48034 zip code of Southfield, MI, home equity and home prices are both high. In fact, according to Zillow, the median home value in this zip code is $282,900. This is significantly higher than the Michigan median home value of $179,700. Additionally, the percentage of homes in this zip code that are owned outright is high at 82%. This compares favorably to the statewide average of 63%.

One reason for these high home values and homeownership rates in this zip code may be its proximity to Detroit. According to Forbes, Detroit has been experiencing a resurgence in recent years and has seen an increase in population and job growth. As a result, there is more demand for housing within close proximity to Detroit's vibrant economy.

Another potential factor contributing to these high home values and homeownership rates in the 48034 zip code of Southfield may be its excellent schools. According to GreatSchools ratings data, Southfield High School ranks as one of Michigan's best public schools and Northridge Elementary School also ranks highly on GreatSchools ratings lists. This may attract families who want their children to have access to excellent education opportunities nearby.

Overall, it appears that strong economic conditions (including increased demand for housing near Detroit), excellent school ratings (including those located near Detroit), and low unemployment rates are all contributing factors leading to high home equity and home prices in the 48034 zip code of Southfield.