48762, Spruce, MI

The 48762 zip code of Spruce, Michigan has a median home value of $122,000 and a median home equity of $106,000. This is significantly lower than the statewide median home value of $214,500 and the national median home equity of $142,600. The 48762 zip code also has a significantly lower homeownership rate than the statewide rate of 66.7% and the national rate of 63.5%.

One potential explanation for these low home values is that this zip code is located in one of Michigan's most rural counties. Only 2% of residents in this zip code have a college degree, compared to the statewide average of 25.6% and the national average of 30%. Additionally, only 36.4%of households in this zip code have children under 18 living with them, compared to the statewide average of 44.1% and the national average of 42%. These factors may contribute to why there are so few homes available for sale in this area and why they tend to be less expensive than homes in more populated areas.