49931, Houghton, MI

The 49931 zip code of Houghton, MI has a median home value of $128,900. This is significantly lower than the statewide median home value of $224,500. The 49931 zip code also has a lower home equity percentage than the statewide average of 57%. This indicates that more homes in the 49931 zip code are worth less than their mortgages.

There are several factors that may contribute to this trend. One possibility is that there are more homes in foreclosure in the 49931 zip code than elsewhere in Michigan. Another possibility is that there are fewer households with enough money saved up to buy a home outright, or who can afford to take out a larger loan than they would be able to get elsewhere.

Whatever the reasons, it seems clear that homeownership rates and home equity percentages in the 49931 zip code are lower than they are statewide. This could make it difficult for people who live in this area to get ahead financially over time.