48048, New Haven, MI

The 48048 zip code of New Haven, Michigan has a population of around 25,000 people. The median home value in this zip code is $164,900 which is about $60,000 less than the statewide median home value of $224,500. The 48048 zip code also has a lower than average unemployment rate of 3.8% which is much better than the statewide unemployment rate of 5%.

One reason that the 48048 zip code has a lower home value than other areas in Michigan is that there are fewer homes for sale in this area. In fact, there were only 6 homes sold in the 48048 zip code during 2016 which is significantly less than the average number of homes sold per year in Michigan (which is around 30). This lack of available homes may be contributing to the low home values in this area.

Another reason why the 48048 zip code's home values are lower than average may be due to New Haven's relatively low income levels. According to data from Zillow, approximately 54% of households in this area earn less than $75,000 per year which is much lower than the statewide percentage (which ranges from around 30-35%). This means that many potential homeowners who would be interested in buying a home in this area may not be able to do so because their incomes are not high enough.

Overall, it appears that there are several factors contributing to the low home values found in the 48048 zip code including a lack of available homes and relatively low incomes. However, it should also be noted that these factors are not unique to this particular zip code and can be found throughout Michigan as well as other parts of the United States.