48897, Woodland, MI

Woodland, MI is located in Oakland County and has a population of approximately 25,000. The median household income in Woodland is $106,000 and the median home value is $224,500. The 48897 zip code has a home equity rate of 96.5% and a home price index of 95.1%.

The average credit score for Woodland residents is 753 and the average debt-to-income ratio is 36%. Over 60% of households in the 48897 zip code have at least one vehicle available for purchase. The average commute time to work is 22 minutes.

There are many factors that contribute to the high home equity rates and high home prices in Woodland. One reason may be the strong economy; as unemployment rates decrease, people are able to afford more expensive homes. Additionally, there are few vacant homes on the market which contributes to higher prices; when there are fewer homes available for sale, buyers have more bargaining power to demand higher prices from sellers. Finally, Woodland residents tend to be very wealthy; according to Forbes magazine, the median household income in Woodland is among the highest in Michigan (ranked #8 out of 83 counties). This wealth allows residents to invest their money into property rather than spend it on rent or other expenses.