48642, Midland, MI

The Midland, Michigan 48642 zip code has a population of around 113,000 people. The median household income in the zip code is $64,000 which is above the national median household income of $53,046. The home equity and home prices in the Midland, Michigan 48642 zip code are both above average when compared to other zip codes in the United States.

According to Zillow’s 2018 Home Value Index report, the median home value in the Midland, Michigan 48642 zip code is $158,500 which is above the national median home value of $127,500. Additionally, Zillow’s 2018 Home Equity Index report found that the median home equity value in this zip code is $101,200 which is also above average when compared to other U.S. zip codes. This indicates that there are a lot of homeowners who have a lot of equity in their homes and are able to borrow against this equity for various purposes such as purchasing a new car or paying off debt.

One reason why there are so many homeowners with a lot of equity in their homes in the Midland, Michigan 48642 zip code is because there are relatively few foreclosures and short sales taking place here compared to other parts of the country. In fact, according to RealtyTrac’s 2017 National Foreclosure Report data , only 2% of all properties located within this ZIP Code were subject to foreclosure during 2017 which was well below the nationwide foreclosure rate of 3%. Additionally , RealtyTrac’s 2018 National Short Sale Report data found that only 0.5% of all properties located within this ZIP Code were subject to a short sale during 2018 which was also well below the nationwide short sale rate of 1%. This indicates that there are relatively few opportunities for homeowners who want to sell their homes quickly and for less than they originally paid for them (i.e., through a foreclosure or short sale). As long as these homeowners continue to maintain their homes and keep them free from any major repairs or updates (which would likely lead to higher prices), they should be able to keep their homes worth more than what they originally paid for them over time (assuming no significant changes take place in local housing market conditions).