49268, Palmyra, MI

The 49268 zip code of Palmyra, MI is located in the northwestern corner of Oakland County. The zip code has a population of just over 10,000 people and covers an area of just under 4 square miles.

According to the 2016 American Community Survey, the median household income in the 49268 zip code is $60,848. This is significantly higher than the median household income for all of Oakland County, which is $51,063. However, when adjusted for cost of living, the median household income in the 49268 zip code falls below that of most other parts of Oakland County. The cost of living index in Palmyra is 104.5%, which is much higher than both the statewide average (100%) and the county average (98%).

One measure of home equity in Palmyra is homeownership rate. In 2016, 68% of households in the 49268 zip code were owner-occupied, which was lower than both statewide (74%) and countywide (70%) rates. However, when adjusted for cost of living, this percentage rises to 73%. This indicates that despite lower ownership rates overall in Palmyra compared to other parts of Oakland County, residents are still able to afford homes there relative to other areas within Michigan.

Home prices have also been relatively stable over time in Palmyra compared to other parts of Michigan. According to data from Zillow®, as measured by monthly home values from January 2000 through December 2016*, prices have increased an average 0.9% each month across all ZIP codes within Oakland County but have decreased 1% each month within ZIP code 48746 – which includes Palmyra – since January 2000.* Additionally during this same period*, prices within ZIP codes 48746 and 49268 have remained relatively constant* when comparing December 2000 through December 2016 against December 1995 through December 1999.* This indicates that while home values throughout most parts of Michigan have increased substantially over this period*, those located within ZIP codes 48746 and 49268 have not experienced as large a gain or loss.*