48189, Whitmore Lake, MI

The 48189 zip code of Whitmore Lake, Michigan is located in the northern part of the state and has a population of around 10,000. The median home value in this zip code is $158,900 which is higher than the statewide median home value of $144,000. The percentage of homes that are owner-occupied in this zip code is around 78%, which is lower than the statewide percentage of owner-occupied homes at 83%. The percentage of homes that are rented in this zip code is around 22%, which is lower than the statewide percentage of rented homes at 27%.

There are a number of factors that may contribute to the high home values in this zip code. One reason may be that Whitmore Lake is a desirable location with plenty of amenities and good schools. Additionally, there are a number of luxury homes available for sale in this area which may also contribute to the high prices. However, it's important to note that not all homeowners in this zip code have access to these types of resources and some may be struggling to afford their homes.

Another factor that may contribute to the high home values in this area are low interest rates. Since most mortgages are based on a fixed rate, when interest rates go down homeowners have more money available to borrow against their home equity and can purchase more expensive properties. This phenomenon has been particularly strong over recent years as interest rates have been near historic lows. As a result, homeowners who were able to get mortgages prior to 2008 when rates were higher may now find themselves struggling to keep up with rising prices due to increased debt payments.