48122, Melvindale, MI

The 48122 zip code of Melvindale, Michigan has a population of around 50,000 people. The median household income in this zip code is $50,000 which is lower than the national median household income of $53,046. The homeownership rate in this zip code is around 63%, which is lower than the national homeownership rate of 68%. Around 33% of households in this zip code are considered to be renters.

The average home value in the 48122 zip code is $128,500 which is higher than the national average home value of $127,200. The percentage of homes that are owner-occupied in this zip code is around 69%, which is higher than the national percentage of owner-occupied homes at 62%. Around 31% of households in this zip code are considered to be renters.

There are a number of factors that could contribute to why homes values and homeownerhip rates are higher in Melvindale compared to other areas across the country. One potential reason could be that there are more affluent residents living in Melvindale compared to other areas, which could lead to increased demand for housing and increased prices for homes. Additionally, Melvindale may have a stronger economy overall which could lead to increased demand for housing and higher prices for homes. Another potential reason why homeownerhip rates and home values may be higher in Melvindale than elsewhere could be due to stricter lending standards or regulations imposed by banks or lenders within the area.