48622, Farwell, MI

The Farwell zip code 48622 has a median home value of $128,000 and a median home equity of $87,000. This is significantly lower than the statewide median home value of $214,500 and statewide median home equity of $142,500. The Farwell zip code also has a much lower rate of homeownership than the statewide rate of 68%. In fact, only 36% of homes in the Farwell zip code are owner-occupied as opposed to the statewide rate of 50%. This indicates that many people in the Farwell zip code are renting instead.

One possible explanation for this discrepancy between home values and homeownership rates could be that there is more demand for rental housing in the Farwell zip code than there is available owner-occupied housing. Another possibility is that people in the Farwell zip code are not able to afford to buy homes at or near their desired prices. It could also be that there are fewer homes available for sale in the Farwell zip code than there are people who want to buy them. Whatever the reason may be, it seems clear that homeownership rates and home values in this particular area are lower than they would be if they were closer to average values across Michigan.