49866, Negaunee, MI

The zip code of 49866 in Negaunee, Michigan has a median home value of $137,000 and a median home equity of $101,000. This is higher than the statewide median home value of $119,500 and the national median home equity of $106,200. The percentage of homes in this zip code that are owned outright is lower than the statewide percentage of homes that are owned outright (59%) and the national percentage (65%). The percentage of homes in this zip code that are mortgaged is higher than the statewide percentage (41%) and the national percentage (35%). The average length of time a homeowner has lived in their current home is lower than both statewide and national averages. The average age of a homeowner in this zip code is lower than both statewide and national averages.

There are several factors that may contribute to these differences. One possibility is that there are more first-time homeowners in this zip code than elsewhere. Another possibility is that there are more long-term renters here who have not yet accumulated enough equity to buy a house on their own. Whatever the reasons, it appears that homeownership rates and home values in this area are relatively high when compared with other areas across Michigan and nationwide.