48051, New Baltimore, MI

The 48051 zip code of New Baltimore, MI is located in Oakland County and has a population of approximately 10,000. The median household income in this zip code is $75,000 and the median home value is $236,500. The 48051 zip code has a homeownership rate of 69% and a vacancy rate of 2%.

The 48051 zip code has seen an increase in home values over the past five years. In 2013, the median home value was $215,000 and by 2017 the median home value had increased to $236,500. This increase can be attributed to both an increase in demand for homes as well as limited supply. Over the past five years there have been an average of 1.5 new homes being built per year in this zip code which has helped to keep prices high.

One factor that may have contributed to the increase in home values is that New Baltimore is located within close proximity to Detroit which has been experiencing an uptick in economic growth over the past few years. This growth may be attracting people who are looking for suburban living without having to deal with large city crowds and high costs of living. Additionally, New Baltimore is situated near other desirable areas such as Bloomfield Hills and Novi which may also contribute to its high home values.