49854, Manistique, MI

The Manistique, MI 49854 zip code has a population of just over 10,000 people and is located in the Upper Peninsula of Michigan. The median home value in this zip code is $130,000 which is significantly higher than the national median home value of $177,500. In addition, the home equity rate in this zip code is also much higher than the national average at nearly 20%. This indicates that there are a significant number of homes in this zip code that are worth more than their original purchase price.

One reason why the homes in this zip code are worth so much more than their original purchase price is likely due to the high home equity rate. This rate reflects how much of a homeowner's initial investment (i.e. mortgage) has been repaid through increased property values over time. In Manistique, MI, nearly two-thirds (64%) of all households have paid off their mortgages or have them currently underwritten or pre-approved for repayment. This high level of homeownership likely contributes to the high home equity rate in this zip code.

Another factor that may contribute to the high value of homes in Manistique, MI 49854 zip code is its location within Michigan's Upper Peninsula. The UPPER PENINSULA region has consistently been one of the most expensive parts of Michigan and across America due to its abundance of natural resources (e.g., minerals, forests). As such, it is not surprising that many homes in Manistique, MI 49854 are worth more than their original purchase price.