49829, Escanaba, MI

There is no one answer to the question of whether home equity or home prices are more important to a person's overall financial security. For some people, having a large amount of equity in their home may be more important than owning a house that is worth a lot of money. Other people may feel more secure in knowing that they can sell their house for more than they paid for it, even if the market is not doing well at the moment.

In Escanaba, MI, the average home value was $123,200 in 2016. This means that on average, homes in this zip code are worth about 2/3 of what an individual would need to pay to buy them outright. However, this number can vary greatly from one neighborhood to another within Escanaba - and even from one block to another within a single neighborhood. In general though, homes in Escanaba are relatively affordable when compared with other areas of Michigan and the United States as a whole.

One reason why home values have been relatively stable over time in Escanaba is because there has not been much growth in population or jobs over the past few years. This means that there has not been much demand for housing units - which has helped keep prices down. Additionally, many people who live in Escanaba own their homes outright - rather than renting them - which also contributes to stability in prices over time.