49871, Palmer, MI

The zip code of 49871 in Palmer, Michigan has a median home value of $141,000 and a median home equity value of $119,000. These values are higher than the statewide median home value of $130,800 and the national median home equity value of $142,200. The percentage of homes in the zip code with a mortgage is lower than the statewide mortgage rate of 6.27% and the national mortgage rate of 5.31%. The percentage of homes in the zip code with a loan-to-value ratio (LTV) above 80% is lower than both statewide and national percentages at 73%. This suggests that homeowners in this zip code are more likely to have access to affordable financing options.

There are several factors that may contribute to these high home values in this zip code. First, Palmer is located within one hour drive from both Detroit and Lansing which may contribute to increased demand for housing within this area. Second, Palmer has experienced strong economic growth over the past several years which may have led to an increase in household incomes and consequently an increase in home values. Finally, Palmer has a low unemployment rate which may lead some homeowners to believe that their property is worth more than it actually is.