49029, Burlington, MI

Burlington, MI is located in the western part of the state of Michigan. According to the 2010 census, Burlington has a population of 10,871. The 49029 zip code covers much of Burlington and has a population of 5,527. Home equity and home prices in 49029 are important factors to consider when evaluating this area.

According to Zillow, as of March 2016 the median home value in 49029 was $128,000. This is lower than the statewide median home value of $146,500 but higher than the national median home value of $127,200. Over the past year (March 2015-March 2016), there was an increase in home values in 49029 from $125,000 to $128,000. This indicates that there is demand for homes in this area and that buyers are willing to pay more for properties here than elsewhere in Michigan.

One factor that affects home values is interest rates. Interest rates are important because they determine how much money buyers can borrow to buy a house or how much they have to pay on a mortgage each month. As of March 2016, interest rates were below average nationwide with an average rate of 3%. In 49029 however, interest rates were above average with an average rate of 4%. This means that buyers would need to spend more money each month on their mortgage if they wanted to purchase a property here compared to other areas across Michigan with lower interest rates.

Another factor that affects home values is supply and demand. When there is more demand for homes than available homes (supply exceeds demand), prices will rise due to increased competition among buyers for limited properties. In 49029 over the past year there has been an increase in available homes from 553 units in March 2015 to 577 units as of March 2016 - indicating that there has been less competition among buyers for properties here compared to other areas across Michigan during this time period which may have caused prices to decline slightly since March 2015 when they were at their highest point ($128K).