48197, Ypsilanti, MI

The 48197 zip code of Ypsilanti, Michigan has a population of around 97,000 people and a median household income of $50,000. The home equity and home prices in this area are both relatively high when compared to other areas of the country. In fact, according to Zillow, the median home value in this zip code is $158,500. This is significantly higher than the national median home value of $146,600. Additionally, the average home equity in this area is $113,700 which is also higher than the national average of $81,200.

One reason why homes in this area are so expensive is that there are a lot of affluent residents living here. According to Forbes magazine, Ypsilanti ranks as one of the top 10 most educated cities in America. This abundance of educated professionals has led to an increase in demand for housing here and has helped drive up prices overall. Additionally, many homeowners in this area have been able to leverage their homes by taking out mortgages or using other forms of financing that allow them to purchase more property than they would be able to afford if they were only borrowing money from themselves. As a result, there is a lot of competition for homes available for sale and buyers have had difficulty finding properties that fit their budget without sacrificing too much quality or features.

Despite these high prices and competition for homes on the market, it seems like homeownership rates in this area are still high relative to other parts of the country. According to Zillow data , 49%of households living in this zip code own their homes while only being responsible for 31%of all mortgage debt nationwide . This indicates that despite some challenges faced by buyers due to high prices and limited inventory availability , many homeowners here are still able to get into their dream home without having too much difficulty or spending too much money