48429, Durand, MI

The Durand zip code 48429 has a median home value of $117,000 and a median home equity of $60,000. This means that the majority of homeowners in this zip code have more equity in their homes than they need to cover their current monthly expenses. Additionally, the average length of time it takes for homeowners in this zip code to pay off their mortgages is around 7 years.

This high level of equity is likely due to the fact that Durand is a relatively affluent area. The percentage of households earning over $100,000 annually is above the Michigan state average and there are also a high number of college-educated residents. These factors may contribute to higher incomes and savings which can be used to purchase homes with more equity.

Despite these positive trends, there are some challenges facing homeowners in the 48429 zip code. One issue is that interest rates have been low for quite some time now, which has made it difficult for many people to afford a mortgage on a new home or to refinance an existing one. Additionally, there has been an increase in housing prices over the past few years which may make it harder for people who are struggling financially to sell their homes and take advantage of rising equity values.