48317, Utica, MI

Utica, MI is located in the 48317 zip code. The Utica area has a population of about 12,000 people. Home prices in the Utica area have been on the rise for the past few years. In March of 2016, the median home price was $128,000. This year, as of September 2017, the median home price is $140,000.

The Utica area has seen a lot of growth over the past few years due to its low cost of living and its proximity to Detroit. Many people are moving to Utica because it is a great place to raise children and there are plenty of opportunities for employment.

One reason that home prices in Utica have been on the rise is that there are a lot of new homes being built in this area. The demand for housing has outpaced supply recently which has caused prices to go up. Another factor that has contributed to increased home values in Utica is that interest rates have remained low for a long time which makes it more affordable for people to buy homes.

There are some risks associated with buying a home in Utica though. One risk is that if interest rates increase then it will become more expensive for people to borrow money to buy homes and this could lead to a decrease in home values. Another risk is that if there is an economic recession then many people who are currently renting may decide to buy homes instead and this could cause housing prices to decline precipitously.