49120, Niles, MI

The Niles zip code 49120 has a population of around 25,000 and is located in Oakland County. The median home value in the 49120 zip code is $151,900 which is significantly higher than the Michigan statewide median home value of $146,500. This high home value may be due to the many affluent families who reside in this area or it may be indicative of strong demand for housing within this particular zip code.

Home equity is an important factor when considering purchasing a home. Home equity allows homeowners to borrow against the value of their homes, which can help them pay off debt or finance larger purchases. In addition, homeowners who have high levels of home equity are more likely to stay in their homes and avoid foreclosure proceedings.

According to Zillow’s recent report on Michigan’s housing market, the average level of home equity among Michiganders increased by 6% from Q3 2017 to Q3 2018. This increase was driven by strong growth in both Detroit and Grand Rapids metro areas as well as other parts of Michigan outside of major metropolitan areas. However, while statewide levels of home equity continue to rise, there are some notable disparities between different regions of Michigan. For example, while the average level of home equity increased by 6% across all counties in Michigan during Q3 2018, Wayne County experienced a decrease (-2%) and Oakland County saw an increase (+5%). These regional differences may be indicative of regional economic trends or specific market conditions that vary across these counties.