48067, Royal Oak, MI

The 48067 zip code of Royal Oak, Michigan has a median home value of $247,000. This is higher than the state median home value of $183,600 and the national median home value of $177,200. The 48067 zip code also has a higher percentage of homes with a mortgage than the state or national average. Approximately 64% of homes in this zip code have a mortgage, compared to the state and national averages of 56% and 50%, respectively.

One reason for this high percentage of mortgages in the 48067 zip code may be its high rate of home equity. The average home equity in this zip code is $126,000, which is significantly higher than both the state and national averages. This high level of equity may be contributing to the high rate of mortgages in this area.