48502, Flint, MI

The home equity and home prices in the 48502 zip code of Flint, MI have been on a steady decline since the housing market crashed in 2008. In 2016, the median home value was $27,000, which is significantly lower than the median home value of $41,500 in 2007. The 48502 zip code has seen a decrease in both home equity and home prices since 2007, which is likely due to the fact that many homes in this area were purchased during the housing market bubble.

Home equity is important because it represents a homeowner’s ability to borrow money against their property. Home prices are important because they reflect how much an owner can sell their house for. Both of these factors can affect an individual’s ability to pay off debt or afford to buy a new house.

Since 2007, the 48502 zip code has seen a decrease in both home equity and home prices. This trend is likely due to several factors:

-The housing market crash: Many homes were purchased during the housing market bubble and when that bubble burst, homeowners lost a lot of money.

-Poor economic conditions: When people lose their jobs or see their income decline, they are less likely to be able to afford a house or pay off debt.

-Low interest rates: Interest rates have been low for many years now which makes it harder for people who owe money on mortgages or other loans to pay them off quickly.