48334, Farmington, MI

The 48334 zip code of Farmington, MI is located in Oakland County and has a population of around 100,000. Home prices in the area have been on the rise for the past few years, and there are now many homes that are worth more than $1 million. The average home value in the zip code is $484,100, which is significantly higher than the Michigan average of $224,500.

One reason why home prices in this area have been so high is because there are a lot of affluent residents living here. Many of these people own multiple properties throughout the state, which has helped to drive up prices across all areas of Michigan. Additionally, Farmington has seen a lot of new development over the past few years, which has also contributed to rising home values.

Despite these positive factors, there are some potential downsides to high home values in this area. For one thing, it can be difficult for people who don't have a lot of money to buy a house here. Additionally, if interest rates increase or another economic downturn occurs later on down the line, homes that are worth a lot more could become less affordable for buyers.