48418, Byron, MI

The 48418 zip code of Byron, MI has a median home value of $130,000. This is lower than the statewide median home value of $174,500. The 48418 zip code also has a lower than average home equity percentage of 58%. This indicates that there are more homes with negative equity (less than the value of the property) in this zip code than in other areas across Michigan.

There are several factors that could be contributing to this trend. One possibility is that homes in this area have been selling for less than their worth for some time now, and as a result many homeowners have negative equity on their properties. Another factor could be that there are fewer buyers interested in purchasing homes in this area due to its low home values and high levels of unemployment. Finally, it's possible that mortgage lenders are not approving mortgages for people who live in this zip code because they believe that they will not be able to repay their loans.

Whatever the reasons may be, it's clear that homeownership rates and home equity percentages in the 48418 zip code are below average compared to other parts of Michigan. If you're thinking about buying or selling a home in this area, it might be worth your while to consult with a real estate agent who can give you an estimate of how much your home might actually sell for and whether or not you'll be able to afford your mortgage payments if you purchase one.