48623, Freeland, MI

Freeland, Michigan is located in Wayne County and has a population of just over 10,000 people. The median household income in the 48623 zip code is just over $60,000 and the median home value is just over $150,000. Over 60% of homes in the 48623 zip code are owner-occupied.

The average home equity loan amount in the 48623 zip code is $128,500. The average home price appreciation rate in the 48623 zip code between January 1st of 2006 and January 1st of 2017 was 9%. This means that on average, homes have increased by 9% in value since 2006. In terms of percentage change, Freeland ranks #5 out of all zip codes in Michigan when it comes to home price appreciation rates.

There are a number of reasons why homes have appreciated so much in Freeland over the past 10 years. One reason may be that there are relatively few new homes being built in Freeland compared to other areas of Michigan. This may lead to increased demand for existing homes and higher prices overall. Additionally, Freeland has a low unemployment rate which may also contribute to higher home values.

Despite these positive trends, there are some potential risks associated with buying or owning a home in Freeland that should be considered before making any decisions about purchasing or selling a property there:

-The cost of living can be high due to relatively high housing costs and taxes levied by local government officials -Rising interest rates could lead to decreased values for homeowners who have high levels of mortgage debt relative to their home equity -Homeowners who do not maintain their properties can see their property values decline as vandalism or other damage takes its toll