How much is a home worth in ZIP code 48197?

The typical home in 48197 is worth $347,237, based on the Zillow Home Value Index.

Are home values rising in 48197?

Home values in 48197 are up 1.3% over the past year, and up 5.0% a year over five years.

What is the typical rent in 48197?

A typical home in 48197 rents for about $1,307 a month, a gross rental yield of 4.5%.

What is the property tax rate in 48197?

The effective property tax rate in 48197 is 1.5% — roughly $5,376 a year on a typical home.

ZIP code 48197 has a population of 66,525 and a median household income of $73,737.

HousingHandbookReference data

…

U.S. ZIP Code · MI48197

Washtenaw County · Ann Arbor, MI

Typical home value

$347,237^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.3%
5-year / yr: +5.0%
10-year / yr: +6.2%

Relative price

vs U.S.: +22.2%
vs metro: -15.8%
vs state: +45.2%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 48197 is worth $347,237 — 15.8% below the Ann Arbor, MI median. Over the past year, values have risen 1.3%. Homes here rent for a typical $1,307 a month — a 4.5% gross rental yield. The effective property tax rate is 1.5%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,307^[2]
Gross yield: 4.5%^[2]
Cap rate: 2.7%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.5%^[3]
Typical annual tax: $5,376^[3]

#Climate risk

FEMA National Risk Index ratings for Washtenaw County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: No Rating
Heat wave: Relatively Moderate
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Low
Winter weather: Relatively Moderate

#Who lives here

Population: 66,525^[3]
Median household income: $73,737^[3]

#Migration

Household moves in and out of Washtenaw County over a year, from IRS tax-return data.

Net migration: -2,091^[5]
Moved in: 11,464
Moved out: 13,555

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 20
Elementary: 9
Middle: 2
High: 8

Lincoln Senior High School
High · Grades 9–12 · Lincoln Consolidated School District
888 students
South Arbor Charter Academy
Elementary · Grades K–8 · South Arbor Charter Academy
802 students
Lincoln Middle School
Middle · Grades 6–8 · Lincoln Consolidated School District
687 students
Fortis Academy
Elementary · Grades K–8 · Fortis Academy
639 students
Washtenaw International High School
High · Grades 9–12 · Washtenaw ISD
537 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield4.5%

Net yield (after ~40% expenses)2.7%

Annual rent$15,688

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$1,756

Loan principal$277,790

Down payment$69,447

Total interest paid$354,305

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.91

Monthly cost to own$2,494

Monthly rent$1,307

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 82nd percentile^[1]
Rental yield: 14th percentile^[2]
Property tax: 73rd percentile^[3]

Rankings

Top-10 lists this ZIP code appears on.

1st for most populous in MIView list →

Frequently asked

How much is a home worth in ZIP code 48197?: The typical home in 48197 is worth $347,237, based on the Zillow Home Value Index.
Are home values rising in 48197?: Home values in 48197 are up 1.3% over the past year, and up 5.0% a year over five years.
What is the typical rent in 48197?: A typical home in 48197 rents for about $1,307 a month, a gross rental yield of 4.5%.
What is the property tax rate in 48197?: The effective property tax rate in 48197 is 1.5% — roughly $5,376 a year on a typical home.
Who lives in 48197?: ZIP code 48197 has a population of 66,525 and a median household income of $73,737.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

48189 vs 48197 →
Whitmore Lake CDP, MI
Typical home
$360,485
Gross yield
6.2%
48158 vs 48197 →
Manchester, MI
Typical home
$378,637
Gross yield
—
48191
MI
Typical home
$298,461
Gross yield
—
48118
Chelsea, MI
Typical home
$412,378
Gross yield
—
48108
Ann Arbor, MI
Typical home
$445,650
Gross yield
5.6%
48198
Ypsilanti, MI
Typical home
$229,213
Gross yield
7.8%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

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Pit ZIP 48197 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48197

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