49639, Hersey, MI

Home Equity in the 49639 Zip Code of Hersey, MI

According to Zillow, the median home value in the 49639 zip code of Hersey, MI is $146,900. This means that half of all homes in this zip code have a value above $146,900 and half have a value below this amount. Home equity is important because it represents the difference between what a homeowner owes on their home and what their home is worth. In general, homeowners owe more on their home than its market value. However, when house prices rise faster than a homeowner's mortgage payments, they may be able to borrow against their home equity to cover some or all of their monthly mortgage payments.

In addition to house values, Zillow also provides information about how much debt each zip code has relative to its income levels. As shown in the graph below (data from 2016), Hersey has a higher percentage of households with debt than most other zip codes in Michigan. This suggests that there may be some households in this zip code who are struggling to pay off their debts even though their homes are worth more than they owe on them.

Despite having high levels of debt relative to income levels, Hersey still ranks as one of the wealthier zip codes in Michigan based on median household income ($60,711). This suggests that there are many households in this area who are able to afford mortgages and other expenses associated with owning a home even though they may not have enough money left over after paying off their debts.

Overall, it appears that homeownership rates and home equity levels vary significantly across different parts of Michigan based on factors such as household income and debt level. While some areas have high rates of homeownership and low levels of debt relative to incomes, others have the opposite situation where many households struggle financially due to high levels of debt.