49224, Albion, MI

The 49224 zip code of Albion, MI has a median home value of $101,000. This is significantly lower than the statewide median home value of $217,500. The Albion area also has a lower rate of homeownership than the statewide average. Approximately one-third (33%) of homes in the Albion zip code are owner-occupied, while the statewide average is approximately half (50%).

One factor that may contribute to the lower home values in the Albion zip code are the relatively low rates of home equity and home ownership. Approximately one-third (33%) of homes in the Albion zip code have less than 5% equity, which is significantly lower than both Michigan and nationwide averages. Additionally, only 26% of homes in the Albion zip code are owned outright by their occupants, which is also below both Michigan and nationwide averages. These factors may contribute to why homes in this zipcode are less likely to be worth more than their mortgage payments.