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Zip Code 48176: Saline's Resilient Housing Market and Steady Home Value Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 48176, located in Saline, Michigan, has experienced notable shifts in homeownership rates and property values over the past decade. This area, known for its blend of suburban charm and proximity to Ann Arbor, has seen a general trend of increasing homeownership and rising average home prices.
The ownership percentage in zip code 48176 has shown a steady upward trend, increasing from 82% in 2013 to 84% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $254,671, which rose consistently year-over-year, reaching $423,674 by 2022. This represents a substantial 66.4% increase in average home values over a nine-year period.
Federal interest rates have played a role in shaping homeownership trends in the area. From 2013 to 2016, interest rates remained relatively low, hovering between 0.09% and 0.4%. During this period, homeownership rates increased from 82% to 83%, likely influenced by the favorable borrowing conditions. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates continued to climb, albeit at a slower pace, reaching 84% by 2022.
The renter percentage in zip code 48176 has conversely decreased over time, dropping from 17% in 2013 to 16% in 2022. Interestingly, average rent prices have fluctuated during this period. In 2013, the average rent was $1,105, which peaked at $1,228 in 2021 before decreasing to $1,094 in 2022. This represents a slight overall decrease of 1% in average rent prices from 2013 to 2022, despite the area's growing population and rising home values.
Looking at the most recent data, the average home price in zip code 48176 reached $432,501 in 2023 and further increased to $443,897 in 2024. This continued upward trajectory in home values occurs alongside a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 48176 will continue to rise, potentially reaching around $500,000 by 2029. Average rent prices are expected to show modest growth, possibly increasing to approximately $1,300 per month in the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 48176 has demonstrated a clear trend of increasing homeownership rates and rising average home prices over the past decade. Despite fluctuations in average rent prices, the area has maintained a strong preference for owner-occupied housing. The recent surge in federal interest rates, coupled with consistently rising home values, suggests a dynamic and evolving real estate market in this Michigan community.
