54847, Iron River, WI

The home equity and home prices in the 54847 zip code of Iron River, WI are very high. The median home value in this zip code is $263,000, which is more than double the median home value of $102,500 for all of Wisconsin. Additionally, the percentage of homes in this zip code that are worth more than $300,000 is almost triple the statewide percentage. This indicates that there are a lot of high-value homes in this area.

One reason why the home values in this zip code are so high is likely because there is a lot of available land here. The Iron River area has a population of just over 2,000 people but it also has plenty of undeveloped land that could be used for housing developments. This could help to keep prices high since there is not as much competition for homes here as there would be if there were more people living in the area and more houses were being built.

Another factor that may contribute to the high home values in this zip code are the strong economic conditions currently present in Wisconsin. Unemployment rates have been below 4% for over two years now and businesses are doing well overall thanks to low interest rates and strong consumer demand. This means that many people who want to buy a house can afford to do so and they may be willing to pay higher prices for properties because they believe that they will eventually be able to sell them at a higher price than they paid for them.