48301, Bloomfield Hills, MI

The 48301 zip code of Bloomfield Hills, Michigan has a population of approximately 104,000 people. The median household income in this zip code is $191,000 and the median home value is $1,257,500. The home equity and home prices in this zip code are both very high.

The average home equity in the 48301 zip code is $527,500 and the average home price is $1,829,500. This means that homeowners in this zip code have a lot of money saved up on their homes. Homeowners also have a lot of equity in their homes because the average home value in this zip code has increased by 25% over the past five years.

Homeownership rates in Bloomfield Hills are high compared to other parts of Michigan. In fact, homeownership rates in this zip code are almost double the rate for all of Michigan as a whole (43%). This indicates that there are a lot of homeowners in Bloomfield Hills who are very happy with their homes and feel confident about their investment.

One reason why homeownership rates are so high in Bloomfield Hills is because there is a lot of demand for housing here. The population growth rate for Bloomfield Hills over the past five years has been above average (2%), which means that there has been an increase in new residents who want to live here. Additionally, many people who live here already own homes which makes it more difficult for them to find affordable housing elsewhere.

Overall, it is clear that homeownership rates and home values are both very high in the 48301 zip code of Bloomfield Hills. This indicates that residents here are confident about their financial situation and believe that owning a home is an important part of their lives.