49653, Lake Leelanau, MI

Lake Leelanau is a small town located in the Leelanau Peninsula of Michigan. The population of Lake Leelanau was 2,527 at the 2010 census. The median household income in Lake Leelanau was $92,964 in 2009, and the median home value was $1,814,000. In Lake Leelanau there are 1,717 housing units and 547 of those are owner-occupied.

The 49653 zip code has a population of approximately 2,500 people and an average household size of 2.5 people. The 49653 zip code has a median age of 41 years old and a median household income of $92,964 which is higher than the Michigan state median household income ($60,594). Approximately 54% of households in the 49653 zip code own their homes while 46% rent their homes. The homeownership rate in the 49653 zip code is much higher than the Michigan state homeownership rate which is just over 60%. This indicates that more people in this area are able to afford to purchase their homes rather than rent them.

The home values in this area have increased significantly over the past few years due to strong demand from buyers and limited supply. In 2009 the home value in this area was $1,814,000 which has increased by almost 50% since then! Currently there are only 1,717 housing units available for purchase within this zip code so it is very difficult for buyers to find a property that meets their needs.

The majority (54%) of households within this zip code own their homes while 46% rent them out indicating that most residents here are able to afford to purchase their home rather than rent one from someone else. This high level of homeownership indicates that residents here have confidence in both their financial stability as well as their ability to maintain or improve their home equity over time