Caro, MI · standard
ZIP Code 48723
Tuscola County, Michigan - Census ACS demographics, housing tenure, and business patterns, benchmarked against every US ZIP.
- 12,479
- 37/sq mi Moderate-density area
- $55,779
- Median income Below-median income area
- $138,100
- Median home value Below-median home value
- 17.6%
- Bachelor's or higher Below-average bachelor's attainment
National ZIP placement
Caro pairs one of the lowest household incomes in the country with among the most affordable home values nationally, in a rural, homeowner-dominated area.
- 22nd pct
- household income, US ZIPs
- 22nd pct
- home value, US ZIPs
- 37
- people per sq mi
- 80%
- owner-occupied homes
Source: U.S. Census Bureau ACS 5-Year Estimates (2019–2023). Percentiles rank ZIP 48723 against every reporting US ZIP.
FHFA HPI release change
What changed in the latest House Price Index year
- FHFA House Price Index values in ZIP 48723 (Caro, MI) rose +22.5% from 2023 to 2024. The all-transactions index moved from 149.6 in 2023 to 183.3 in 2024 (2000 = 100).
ZIP code 48723 is a mid-sized community (a standard USPS delivery area) in Caro, Tuscola County, Michigan, home to 12,479 residents across 336.4 square miles, a density of 37 people per square mile, in the Detroit time zone.
ZIP 48723 reports a modest median household income of $55,779 (24% below the average Michigan ZIP), while per-capita income is $30,774. The poverty rate is 20.8%, so the area-level income figures should not be treated as typical household experience. Home values sit below the statewide ZIP benchmark: the median is $138,100 (37% below the average Michigan ZIP), and median rent is $750; owner occupancy is 80.4%.
Educational attainment sits below the national norm: 17.6% of adults hold a bachelor's degree or higher, the median age is 46.5, and the average commute is 25 minutes. The page also surfaces 1 ZIP codes within roughly 10 miles and 6 more in Tuscola County, so 48723 can be compared with both its immediate and county-level context.
Every figure on this page is sourced from the U.S. Census Bureau American Community Survey 5-Year Estimates (including median rent) and the FHFA House Price Index, no estimates, no proprietary scoring. Verify with Census →
Top industries in ZIP 48723
Top 5 sectors by establishment count in Caro, MI
Which industries have the most business establishments in ZIP 48723.
- Health care and social assistance
Health care and social assistance
64 establishments
- Retail trade
Retail trade
52 establishments
- Other services (except public administration)
Other services (except public administration)
30 establishments
- Accommodation and food services 24
Accommodation and food services
24 establishments
- Finance and insurance 21
Finance and insurance
21 establishments
What this shows Establishment counts come from the Census ZIP Code Business Patterns program, which counts physical business locations rather than employees or revenue.
Source: U.S. Census Bureau, American Community Survey 5-Year Estimates + ZIP Code Business Patterns + FHFA HPI ACS demographics and median rent, ZBP business establishments, FHFA HPI for ZIP 48723, Caro, MI · 2023 Census ACS 5-Year Estimates use a rolling 60-month sample for stable small-geography estimates; ZBP updated annually; FHFA HPI updated quarterly/annually.
Quick Facts
12,479
Population
336.4
Area (sq mi)
37
People / sq mi
Detroit
Time Zone
standard
ZIP Type
Who lives in ZIP 48723?
46.5
Median Age
50.7%
Male
49.3%
Female
1.0%
Foreign-Born
Hispanic or Latino is an ethnicity category from the Census Bureau and may overlap with other categories above.
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How much do residents earn?
$55,779
Median Household Income
-24% vs state ZIP avg
$30,774
Per Capita Income
20.8%
Poverty Rate
6.2%
Unemployment Rate
24.9 min
Mean Commute Time
How ZIP 48723 ranks among Michigan ZIPs
Caro, MI household income vs. every Michigan ZIP code
Median household income among 962 reporting Michigan ZIPs (this ZIP's population is too small for a reliable national-corpus placement)
$55,779 21st percentile higher than 21% of 962 Michigan ZIPs
Each bar is a $20K-wide band; taller bars hold more Michigan ZIPs. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.
Source U.S. Census Bureau, ACS 5-Year Estimates · 2019–2023
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What is the education profile here?
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
What does housing look like?
Housing stock: occupied vs vacant
5,246housing units
5,246
Total Housing Units
4,801
Occupied Units
445
Vacant Units
2.33
Avg Household Size
Occupancy Type
$138,100
Median Home Value
-37% vs state ZIP avg
$750
Median Rent
1973
Median Year Built
Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)
How have home values changed over time?
FHFA House Price Index, annual appreciation data based on repeat sales and appraisals
+22.5%
YoY Change (2024)
183
HPI Index (2000 = 100)
+83%
Total Change Since 2000
Home values in ZIP 48723 have increased 22.5% over the past year (2024). Since 2000, this ZIP has seen +83% cumulative appreciation.
| Year | Annual Change | HPI Index |
|---|---|---|
| 2020 | +2.8% | 114 |
| 2021 | +11.3% | 127 |
| 2022 | +12.7% | 143 |
| 2023 | +4.4% | 150 |
| 2024 | +22.5% | 183 |
Source: Federal Housing Finance Agency (FHFA) House Price Index, All-Transactions, Five-Digit ZIP Codes (Developmental Index). Index base = 100 in year 2000. Data through 2024. ZIP codes with few transactions may show missing values.
What businesses operate in this ZIP?
Census Bureau data shows 287 business establishments in ZIP 48723, employing approximately 3,895 people with a combined annual payroll of $195,561,000.
287
Businesses
3,895
Employees
$195.6M
Annual Payroll
14
Industry Sectors
| Industry | Establishments | % of Total |
|---|---|---|
| Health care and social assistance | 64 | 22.3% |
| Retail trade | 52 | 18.1% |
| Other services (except public administration) | 30 | 10.4% |
| Accommodation and food services | 24 | 8.4% |
| Finance and insurance | 21 | 7.3% |
| Professional, scientific, and technical services | 21 | 7.3% |
| Construction | 16 | 5.6% |
| Manufacturing | 14 | 4.9% |
| Real estate and rental and leasing | 10 | 3.5% |
| Information | 6 | 2.1% |
| Administrative and support and waste management and remediation services | 6 | 2.1% |
| Wholesale trade | 5 | 1.7% |
| Transportation and warehousing | 5 | 1.7% |
| Arts, entertainment, and recreation | 5 | 1.7% |
Source: U.S. Census Bureau, ZIP Code Business Patterns (ZBP), 2023. Employment figures may include noise for disclosure avoidance.
Nearby ZIP Codes
Want a side-by-side? Compare 48723 vs 48744 →
| ZIP Code | City | Population | Distance |
|---|---|---|---|
| 48744 | Mayville, MI | 4,615 | 9.6 mi |
Nationwide ZIPs with similar ACS profiles
Two Census-derived peer sets for ZIP 48723, both outside MI so the neighborhoods are not geographic containment (Nearby and same-county blocks stay local).
Similar population
Nearest cross-state ZIPs by resident population (12,479 here; floor ≥1,000).
Similar median household income
Nearest cross-state ZIPs by ACS median household income.
More ZIP Codes in Tuscola County
Related Areas
Frequently Asked Questions
What county is ZIP code 48723 in?
ZIP code 48723 (Caro) is located in Tuscola County, Michigan. Tuscola County contains multiple ZIP codes, see the full list at /counties/tuscola-mi.
What is the population of ZIP code 48723?
ZIP code 48723 in Caro, MI has a population of 12,479 according to the Census Bureau ACS 2023 estimates.
What is the median household income in ZIP 48723?
The median household income in ZIP 48723 is $55,779, which is 27% below the national average of $76,288.
What is the average home value in ZIP 48723?
The median home value in ZIP 48723 is $138,100, which is 50% below the national average of $278,155.
What is the demographic makeup of ZIP 48723?
The largest racial group in ZIP 48723 is White at 92.3%. Hispanic or Latino residents make up 3.6% of the population.
How many businesses are in ZIP code 48723?
ZIP code 48723 has 287 business establishments employing approximately 3,895 people, according to Census Bureau ZIP Code Business Patterns (ZBP) 2023 data.
What are the main industries in ZIP code 48723?
The top industries by establishment count in ZIP 48723 are: Health care and social assistance (64), Retail trade (52), Other services (except public administration) (30). There are 14 industry sectors represented in total.
How have home values changed in ZIP code 48723?
According to the FHFA House Price Index, home values in ZIP 48723 increased by 22.5% in 2024. Since 2000, home values in this ZIP have appreciated by approximately 83%. This is a developmental index based on repeat sales and appraisal data from Fannie Mae and Freddie Mac.
What is the education level in ZIP code 48723?
In ZIP code 48723, 65.0% of residents aged 25+ have a high school diploma or higher, and 17.6% hold a bachelor's degree or higher. These figures come from the Census Bureau ACS 5-Year Estimates (2023).
What is the average commute time in ZIP 48723?
The mean commute time for workers in ZIP code 48723 is 24.9 minutes according to Census ACS data. The national average is roughly 26 minutes, so commuters here spend less time traveling to work than typical.
What percentage of residents own vs. rent in ZIP 48723?
In ZIP code 48723, approximately 80.4% of occupied housing units are owner-occupied and 19.6% are renter-occupied, based on Census ACS 2023 data.
What is the poverty rate in ZIP code 48723?
The poverty rate in ZIP code 48723 is 20.8% according to Census Bureau ACS 2023 estimates. This measures the percentage of the population living below the federal poverty threshold.
Related
Take this with you
What to do with ZIP 48723's numbers, next.
- See how ZIP 48723 compares to a neighboring ZIP code on the same Census fields Compare this ZIP
- Check where Caro, MI ranks among every U.S. ZIP code on income, education, or homeownership View national rankings
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ZIP Code Tabulation Areas (ZCTAs) are Census Bureau approximations of USPS ZIP codes; figures describe the ZCTA area, not any single address within it.