How much is a home worth in ZIP code 48906?

The typical home in 48906 is worth $167,435, based on the Zillow Home Value Index.

Are home values rising in 48906?

Home values in 48906 are up 3.7% over the past year, and up 4.7% a year over five years.

What is the typical rent in 48906?

A typical home in 48906 rents for about $1,152 a month, a gross rental yield of 8.3%.

What is the property tax rate in 48906?

The effective property tax rate in 48906 is 1.6% — roughly $2,658 a year on a typical home.

ZIP code 48906 has a population of 25,901 and a median household income of $64,315.

HousingHandbookReference data

…

U.S. ZIP Code · MI48906

Clinton County · Lansing-East Lansing, MI

Typical home value

$167,435^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.7%
5-year / yr: +4.7%
10-year / yr: +7.4%

Relative price

vs U.S.: -41.1%
vs metro: -35.5%
vs state: -30.0%

Price history

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

The typical home in 48906 is worth $167,435 — 35.5% below the Lansing-East Lansing, MI median. Over the past year, values have risen 3.7%. Homes here rent for a typical $1,152 a month — a 8.3% gross rental yield. The effective property tax rate is 1.6%.

#Rent & investment

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

Monthly rent: $1,152^[2]
Gross yield: 8.3%^[2]
Cap rate: 5.0%^[2]

#Property tax

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

Effective tax rate: 1.6%^[3]
Typical annual tax: $2,658^[3]

#Climate risk

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

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

#Who lives here

Population: 25,901^[3]
Median household income: $64,315^[3]

#Migration

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

Net migration: -62^[5]
Moved in: 2,610
Moved out: 2,672

Schools

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

Public schools: 5
Elementary: 3
Middle: 1
High: 1

Sheridan Road
Middle · Grades 5–8 · Lansing Public School District
380 students
Gier Park School
Elementary · Grades PK–4 · Lansing Public School District
327 students
MidMichigan Leadership Academy
Elementary · Grades PK–8 · Mid-Michigan Leadership Academy
299 students
Cumberland School
Elementary · Grades PK–4 · Lansing Public School District
285 students
Blended Learning Academies Credit Recovery High School
High · Grades 9–12 · Blended Learning Academies Credit Recovery High School
139 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 yield8.3%

Net yield (after ~40% expenses)5.0%

Annual rent$13,824

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$847

Loan principal$133,948

Down payment$33,487

Total interest paid$170,844

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 ratio1.05

Monthly cost to own$1,208

Monthly rent$1,152

Owning and renting are roughly even.

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: 39th percentile^[1]
Rental yield: 67th percentile^[2]
Property tax: 75th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 48906?: The typical home in 48906 is worth $167,435, based on the Zillow Home Value Index.
Are home values rising in 48906?: Home values in 48906 are up 3.7% over the past year, and up 4.7% a year over five years.
What is the typical rent in 48906?: A typical home in 48906 rents for about $1,152 a month, a gross rental yield of 8.3%.
What is the property tax rate in 48906?: The effective property tax rate in 48906 is 1.6% — roughly $2,658 a year on a typical home.
Who lives in 48906?: ZIP code 48906 has a population of 25,901 and a median household income of $64,315.

#Comparable ZIPs

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

48853 vs 48906 →
Maple Rapids, MI
Typical home
$169,321
Gross yield
—
48911 vs 48906 →
Lansing, MI
Typical home
$169,749
Gross yield
7.0%
48933
Lansing, MI
Typical home
$170,539
Gross yield
6.1%
48910
Lansing, MI
Typical home
$144,180
Gross yield
10.6%
48866
Ovid, MI
Typical home
$191,978
Gross yield
—
48912
Lansing, MI
Typical home
$136,579
Gross yield
11.2%

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Pit ZIP 48906 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · MI48906

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