How much is a home worth in ZIP code 48864?

The typical home in 48864 is worth $396,212, based on the Zillow Home Value Index.

Are home values rising in 48864?

Home values in 48864 are up 1.8% over the past year, and up 5.1% a year over five years.

What is the typical rent in 48864?

A typical home in 48864 rents for about $1,849 a month, a gross rental yield of 5.6%.

What is the property tax rate in 48864?

The effective property tax rate in 48864 is 1.9% — roughly $7,417 a year on a typical home.

ZIP code 48864 has a population of 23,901 and a median household income of $121,103.

HousingHandbookReference data

…

U.S. ZIP Code · MI48864

Ingham County · Lansing-East Lansing, MI

Typical home value

$396,212^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +1.8%
5-year / yr: +5.1%
10-year / yr: +5.9%

Relative price

vs U.S.: +39.5%
vs metro: +52.7%
vs state: +65.7%

Price history

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

The typical home in 48864 is worth $396,212 — 52.7% above the Lansing-East Lansing, MI median. Over the past year, values have risen 1.8%. Homes here rent for a typical $1,849 a month — a 5.6% gross rental yield. The effective property tax rate is 1.9%.

#Rent & investment

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

Monthly rent: $1,849^[2]
Gross yield: 5.6%^[2]
Cap rate: 3.4%^[2]

#Property tax

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

Effective tax rate: 1.9%^[3]
Typical annual tax: $7,417^[3]

#Climate risk

FEMA National Risk Index ratings for Ingham 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 Low
Hurricane: Very Low
Tornado: Relatively High
Earthquake: Relatively Low
Winter weather: Relatively Moderate

#Who lives here

Population: 23,901^[3]
Median household income: $121,103^[3]

#Migration

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

Net migration: -616^[5]
Moved in: 8,474
Moved out: 9,090

Schools

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

Public schools: 8
Elementary: 4
Middle: 2
High: 1

Michigan Connections Academy
Other · Grades K–12 · Michigan Connections Academy
1,645 students
Okemos High School
High · Grades 9–12 · Okemos Public Schools
1,519 students
Kinawa School
Middle · Grades 5–6 · Okemos Public Schools
726 students
Chippewa Middle School
Middle · Grades 6–8 · Okemos Public Schools
679 students
Bennett Woods Elementary School
Elementary · Grades PK–4 · Okemos Public Schools
486 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 yield5.6%

Net yield (after ~40% expenses)3.4%

Annual rent$22,185

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$2,003

Loan principal$316,970

Down payment$79,242

Total interest paid$404,278

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 ratio1.60

Monthly cost to own$2,951

Monthly rent$1,849

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: 61st percentile^[1]
Rental yield: 17th percentile^[2]
Property tax: 89th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 48864?: The typical home in 48864 is worth $396,212, based on the Zillow Home Value Index.
Are home values rising in 48864?: Home values in 48864 are up 1.8% over the past year, and up 5.1% a year over five years.
What is the typical rent in 48864?: A typical home in 48864 rents for about $1,849 a month, a gross rental yield of 5.6%.
What is the property tax rate in 48864?: The effective property tax rate in 48864 is 1.9% — roughly $7,417 a year on a typical home.
Who lives in 48864?: ZIP code 48864 has a population of 23,901 and a median household income of $121,103.

#Comparable ZIPs

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

48820 vs 48864 →
DeWitt, MI
Typical home
$363,987
Gross yield
7.0%
48894 vs 48864 →
Westphalia, MI
Typical home
$340,734
Gross yield
—
48895
Williamston, MI
Typical home
$328,400
Gross yield
—
48808
Bath CDP, MI
Typical home
$326,252
Gross yield
—
48823
East Lansing, MI
Typical home
$325,392
Gross yield
4.1%
48822
Wacousta CDP, MI
Typical home
$321,274
Gross yield
—

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Pit ZIP 48864 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48864

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