48850, Lakeview, MI

Lakeview is a suburb of Detroit, Michigan. The zip code 48850 has a population of about 30,000 people. Home equity and home prices in the 48850 zip code are important to understand because they are indicators of the health of the local economy.

The average home price in the 48850 zip code was $106,500 in February 2017. This is up from $92,500 in February 2016 and $84,000 in February 2015. Over the past three years, home prices have increased by an average of 5%. This indicates that there is strong demand for homes in the 48850 zip code and that buyers are able to afford them.

Home equity is another important indicator of economic health. In February 2017, homeowners' equity (the value of their homes minus their outstanding mortgage debt) was $137,200 on average. This is up from $128,600 in February 2016 and $123,800 in February 2015. This indicates that homeowners are able to borrow money against their homes and still maintain a significant degree of ownership over them. It also shows that there is strong demand for housing in the 48850 zip code – even though prices have increased significantly over the past few years – because people believe that it will continue to rise in value over time.