49287, Tipton, MI

The 49287 zip code of Tipton, MI has a population of approximately 10,000 people. The median household income in this zip code is $60,000 and the median home value is $130,000. The average home equity in this zip code is $80,000.

There are a number of factors that contribute to the high home equity in the 49287 zip code of Tipton, MI. One reason is that the median household income in this zip code is higher than the national median household income. Additionally, the percentage of households with a mortgage in this zip code is lower than the national percentage. These factors combined mean that there are more households with enough money saved up to buy a house outright than there are households who need to borrow money to do so.

Another factor contributing to high home equity in the 49287 zip code of Tipton, MI is the low percentage of households who rent their homes. This means that homeownership rates are high here and homeowners have more equity in their homes than renters do. This also contributes to homeowners being more likely to be able to sell their homes for a higher price than renters would be able to sell theirs for.

Overall, it can be said that high home equity rates are characteristic of neighborhoods in which both median household incomes and mortgage percentages are high relative to nationwide averages. In addition, areas with low percentages of renters tend to have higher levels of homeownership because landlords typically don't have as much control over how much money tenants bring into an area and they may not be as motivated or able as homeowners are to keep up property values over time.