49241, Hanover, MI

Hanover, MI is located in Oakland County and has a population of approximately 25,000. The median household income in Hanover is $92,000 and the median home value is $269,500. Hanover has a relatively low unemployment rate of 3.5%.

The 49241 zip code has seen an increase in home equity over the past few years. In 2012, the home equity in this zip code was $143,000. This increased to $181,500 by 2016. This trend seems to be continuing as the latest data shows that the home equity in this zip code was $206,700 as of January 2019.

This increase can likely be attributed to several factors. First and foremost is that Hanover has seen strong job growth over the past few years which has led to an influx of new homeowners. Second is that interest rates have remained relatively low which makes it easier for people to borrow money to purchase homes. Finally, Hanover's housing market appears to be stable compared to other areas of Michigan which may also contribute to its high home values.