US5.com
  1. Home
  2. States
  3. Michigan
  4. ZIP 48723
  5. Housing & Real Estate
Caro city, MI

ZIP 48723 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Working ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 48723

Median Home Value
$131,300
Median Rent
$590
Affordability Snapshot
$36,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$843/mo PITI).

13%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.3x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

18.5 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 48723 in Caro city, MI, a household would need roughly $36,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $843. That sits below the local median household income ($56,618), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
79.5%+22% vs US avg
x
Vacancy Rate
7.8%-25% vs US avg
x
Broadband Access
82.9%-5% vs US avg
x
4+ Bedrooms
4.6%-69% vs US avg
x
Built Pre-1939
6.9%-46% vs US avg
x
Built Post-2014
0.1%-99% vs US avg
x
Rent Burden >30%
25.3%-49% vs US avg
x
Mortgage-Free
50.8%+33% vs US avg
x
$131,300
Home Value
$590
Rent
1973
Year Built
2009
Moved In

Residents have lived here since ~2009 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached74.8%
  • 1-unit attached1.0%
  • 2-9 units6.3%
  • 10+ units4.9%
  • Mobile home & other13.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$131,300
Median rent$590
Owner-occupied79.5%
Vacant7.8%
Price-to-income2.3x
Est. income to buy$36,000