49021, Bellevue, MI

Bellevue, Michigan is located in the southeastern corner of the state and has a population of just over 60,000 people. The 49021 zip code covers a total area of just under 10 square miles and has a median home value of $269,500. Home prices have been on the rise in Bellevue for the past several years, with values increasing by an average of 7.5% annually between 2013 and 2017. This trend is likely to continue as more people move into the area and demand increases for quality housing stock.

The majority of homes in Bellevue are owner-occupied, with just over half (54%) of households reporting that they own their home outright. Another 27% of households report that they are homeowners who are paying off their mortgage, while only 8% report that they rent their home. The remaining 12% either own their home through a company or government program or are living in rental property.

When it comes to mortgages, Bellevue residents have some of the most favorable loan terms in Michigan. The average mortgage rate in Bellevue is 3%, which is below the statewide average rate of 4%. Additionally, Bellevue residents have access to some very low interest rates through programs like USDA Rural Development's 203(k) program which offers fixed-rate loans up to 97%. These low interest rates make it possible for many families to get started on purchasing their first home without having to sacrifice too much money down payment or pay high monthly payments later on down the road.

While there may be some challenges ahead as housing prices continue to rise in Bellevue, overall this community appears to be doing well economically thanks largely to its strong housing market and favorable loan terms available to its residents.