48454, Melvin, MI

The 48454 zip code of Melvin, MI has a median home value of $128,000 and a median home equity value of $122,000. The 48454 zip code is located in the Detroit metropolitan area and has a population of approximately 12,500. The 48454 zip code has a high percentage of owner-occupied homes and a low percentage of rental homes.

The 48454 zip code has seen an increase in home values over the past five years. In 2013, the median home value was $115,000 and the median home equity value was $110,000. In 2016, the median home value increased to $128,000 and the median home equity value increased to $122,000. This indicates that there is an increase in demand for housing in the 48454 zip code and that there is potential for further growth in this market.

One factor that may contribute to this growth in housing prices is the low percentage of rental homes in the 48454 zip code. Approximately 54% of households are owner-occupied while 46% are rented. This indicates that there is strong demand for housing within this market and that developers are likely able to build more homes at higher prices than would be possible if more rental units were available.

Another factor contributing to increased housing prices within the 48454 zip code is low unemployment rates. The unemployment rate in this area was 5% as of December 2016 which is lower than both Michigan's statewide unemployment rate (6%) and national unemployment rate (7%). These low rates may indicate that there are enough jobs available to support increased demand for housing within this market.