48607, Saginaw, MI

The 48607 zip code of Saginaw, Michigan has a median home value of $141,000 and a median home equity value of $92,000. The average home price in this zip code has grown by 5.5% over the past year and by 8.1% over the past five years. The growth in home values is likely due to increasing demand for housing in Saginaw as well as increased interest rates that have made mortgages more affordable.

While there are many factors that contribute to the growth in home values, one important factor is the availability of homes for sale. In the 48607 zip code, there are currently 101 homes for sale compared to only 73 homes available at the beginning of 2017. This increase in available homes is likely contributing to the increase in home values since buyers have more choices when it comes to purchasing a home.

Another important factor that contributes to the growth in home values is inflation. Over the past year, prices have increased by 2%. This increase is due to both rising costs associated with goods and services as well as an increase in the cost of housing. Inflation will continue to affect prices over time and will cause homeownership rates (the percentage of households who own their homes) to decline over time since owning a house becomes less affordable with each passing year.