48732, Essexville, MI

The 48732 zip code of Essexville, Michigan has a population of approximately 9,000 people. The median household income in this zip code is $60,000 which is significantly lower than the national median household income of $59,000. Additionally, the homeownership rate in this zip code is just 36%, which is significantly lower than the national homeownership rate of 62%.

One reason that the homeownership rate in this zip code is so low may be because there are a large number of homes that are worth less than their mortgages. According to Zillow, the median home value in this zip code is just $101,500 which means that almost half of all homes in this zip code are worth less than their mortgages. This situation has led to a high level of home equity debt among residents in this zip code. As of 2017, 46% of residents in this zipcode had at least one form of home equity debt such as a mortgage or HELOC. This high level of home equity debt can make it difficult for residents to afford to make any major repairs or upgrades to their homes and can also lead to financial difficulties if something happens that requires them to borrow money against their home equity.

Despite these challenges, many residents in the 48732 zip code have been able to maintain stable housing prices over time. According to Zillow's data, the average price per square foot for homes in this zipcode has remained relatively stable over the past five years - ranging from $92 per square foot in 2013 to $93 per square foot in 2017. This stability may be due partly to low levels of inventory and partly due to strong demand from buyers who are able to afford homes here despite having high levels of home equity debt.