48103, Ann Arbor, MI

Home Equity and Home Prices in the 48103 Zip Code of Ann Arbor, MI

In the 48103 zip code of Ann Arbor, MI, home equity is a valuable asset for many homeowners. In fact, according to Zillow, the median home value in this zip code is $269,700. This high median home value means that many homeowners in this zip code have a significant amount of equity in their homes.

This strong equity market has helped drive up home prices in the 48103 zip code over the past few years. According to Zillow, the average home price in this zip code was $309,200 as of September 2017. This increase in home prices has made homeowners' homes more valuable and has allowed them to borrow more money against their homes than they would have been able to do otherwise.

However, while home equity is an important asset for many homeowners in the 48103 zip code of Ann Arbor, it is not without risk. If interest rates were to rise significantly from their current levels (which is possible), then borrowers could find themselves unable to repay their loans at current rates. In addition, if there were a sudden decrease in demand for homes within the 48103 zip code (as has happened before), then prices could decline significantly and borrowers' equity could be lost entirely.