48335, Farmington, MI

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. In Farmington, MI, the average home equity was $128,000 in 2016. This means that homeowners in this zip code had more than 12% of their home's value left over after paying off their mortgages and other debts.

Home prices in Farmington have increased significantly over the past few years. The median home price was $144,000 in August 2017, up from $130,000 just two years earlier. While there are some areas of the city where prices are lower than others, overall it seems that Farmington is one of Michigan's hottest housing markets right now.

There are a number of reasons why home prices have been rising so rapidly in Farmington. One reason is that there is a lot of demand for homes here; according to Zillow, there were an average of 2.5 homes sold per day in August 2017! Additionally, many people who live in Farmington own their homes outright rather than taking out mortgages which makes them more likely to be able to afford to buy a house even if interest rates rise (since they won't need to pay extra interest on top of their monthly mortgage payments).

While it's great that homeownership rates are high and prices are rising in Farmington, it's important to remember that not everyone can afford these high costs. If you're thinking about buying a house or investing in property here, make sure you do your research first so you don't end up getting into too much debt or losing money on your investment