48886, Six Lakes, MI

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. The market value of a home is based on recent sales and prices in the area. Homeowners usually owe more than the market value of their home, because they have taken out a mortgage to buy it.

The average home equity in the 48886 zip code of Six Lakes, MI was $128,200 as of September 2017. This represents an increase of $8,600 or 12% from 2016. The median home equity in this zip code was $116,000 which is also an increase from 2016.

There are several factors that can influence home equity values. These include interest rates, inflation rates, and changes in the local housing market.

Interest rates are one factor that can affect homeowners’ ability to pay off their mortgages quickly. If interest rates rise above what homeowners were expecting when they took out their mortgages, they may be unable to make their payments on time and could lose some or all of their home equity.

Inflation can also affect homeowners’ ability to pay off their mortgages quickly because it increases the cost of living over time. If inflation exceeds expectations by a large amount, homeowners may find that they are unable to make enough money each month to cover all of their monthly payments and could lose some or all of their home equity as well.

Changes in the local housing market can also have an impact on home equity values. For example, if there is a sudden influx of new residents into an area who want to buy homes but cannot afford them due to high prices or low availability, this could lead to decreased demand for homes and consequently decreased home values. Conversely, if there is a sudden decrease in demand for homes due to economic conditions such as recessionary periods or pandemics (such as Zika), this could lead to increased prices and decreasedhome values for homes in that area..

Overall ,home Equity continues its slow climb upwards across Michigan with Six Lakes seeing only modest gains (+$8k) year-over-year despite steady population growth (+1%). While pockets within metro Detroit see larger appreciation (ex: Bloomfield Hills & Grosse Pointe Farms), statewide trends suggest most Michiganders are seeing positive movement within thier net worth totals – albeit at differing paces depending on location/market conditions