48185, Westland, MI

The 48185 zip code of Westland, Michigan is located in Wayne County and has a population of approximately 23,000. Home equity in this zip code has increased by an average of 10% over the past five years. The median home value in this zip code is $128,500 which is significantly higher than the statewide median home value of $146,600. The percentage of homes in this zip code that are owner-occupied is significantly higher than the statewide percentage of owner-occupied homes at 69%. This suggests that there are a significant number of households in this zip code that are able to leverage their home equity to purchase additional property or invest in other ventures.

One factor that may contribute to the high level of home equity in this zip code is the low level of unemployment relative to other areas of Michigan. The unemployment rate for Wayne County was 5.8% as of December 2016 which is lower than both the statewide unemployment rate (7%) and the national unemployment rate (4%). This suggests that there are a significant number of households in this area that have access to ample amounts of capital - such as their home equity - to invest elsewhere or purchase property. Additionally, Westland has seen strong growth over the past several years which may also have contributed to increased levels of home equity within this area.