49249, Jerome, MI

The Jerome zip code 49249 has a median home value of $104,000 and a median home equity of $81,000. This is significantly lower than the state median home value of $183,500 and the national median home equity of $142,000. The Jerome zip code also has a significantly lower homeownership rate than the state and national rates. In Jerome, only 47% of homes are owner-occupied while the state homeownership rate is 55% and the national homeownership rate is 63%. These low homeowner rates may be due to Jerome's high unemployment rate which stands at 14%. Additionally, many Jerome residents are likely renters who do not have access to a mortgage or who have chosen to stay in their homes longer because they cannot afford to buy.

Despite these low homeowner rates and high unemployment rates in Jerome, there has been an increase in home values over the past few years. Between 2010 and 2014, the average home value increased by 11%. This increase may be due to several factors including an improving economy which leads to more jobs being available for residents, as well as increased demand from buyers who can afford higher prices. Despite this increase in prices, however, it is important to keep in mind that there are still many Jerome residents who do not have access to a mortgage or who are struggling financially.