49817, Cooks, MI

Home Equity and Home Prices in the 49817 Zip Code of Cooks, MI

The zip code of 49817 in Cooks, Michigan has a median home value of $127,000. This is higher than the state median home value of $115,000. The zip code also has a lower than average percentage of homeowners with mortgages at 66%. This is higher than the state average percentage of homeowners with mortgages at 63%. The percentage of homeowners with equity in their homes is also high at 83%. This is higher than the state average percentage of homeowners with equity in their homes at 78%.

There are several factors that may contribute to these high home values and high percentages of equity. One reason may be that there are relatively few homes for sale in this zip code. In fact, only 2% of all homes for sale are located within this zip code. Additionally, there are a large number of vacant or undeveloped lots available for purchase which could lead to increased prices if developed.

Another factor that may contribute to the high home values and high percentages of equity in this zip code is the low rate of foreclosure activity. Only 2%of all properties in this zip code are currently subject to foreclosure proceedings which is lower than the statewide average rateof 5%.

Despite these positive factors, it's important to keep in mind that not everyone who lives in this zip code enjoys these elevated housing prices and strong equity levels. Many people who live here struggle to make ends meet due to low wages and limited job opportunities. Additionally, many people who live here have had their incomes reduced due to the recent recession which has led them to take on more debt (e.g., mortgages)to maintain their current living situation