49253, Manitou Beach, MI

Home equity is the difference between what a homeowner owes on their home and the value of their home. In Manitou Beach, MI, the median home equity was $181,000 in 2016. This means that half of all homeowners in this zip code had more equity in their homes than they owed on them. The average home value in Manitou Beach was $269,500 in 2016. This means that the typical homeowner in this zip code had more than twice as much equity in their home as they owed on it.

The reason for this discrepancy is largely due to the fact that Manitou Beach has seen very strong growth over the past several years. Between 2010 and 2016, the population of Manitou Beach grew by 21%. During this same time period, the average price of homes increased by 31%. As a result, more homeowners have been able to accumulate significant amounts of equity in their homes over time.

Despite these positive trends, there are still some areas where homeowners may find themselves struggling to meet debt obligations. For example, if you have a large mortgage or other loan payments that are not covered by your home equity, you may find yourself struggling to make ends meet. Additionally, if your house is worth less than what you owe on it (i.e., your house is worth less than your mortgage), you may be at risk of losing your house altogether if you cannot come up with enough money to pay off your debtors quickly enough.