PlainZIP

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
$55,779
Median income
$138,100
Median home value
17.6%
Bachelor's or higher

The verdict

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.

22th pct
household income, US ZIPs
22th 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.

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 Michigan average), while per-capita income is $30,774. 20.8% of residents live below the poverty line, and the unemployment rate reads 6.2%. On housing, the median home value is $138,100 (37% below the state average) with median rent at $750 per month, and 80.4% of occupied units are owner-occupied.

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. To put 48723 in local context, 1 ZIP codes within roughly 10 miles appear further down this page alongside 6 additional ZIPs in Tuscola County, for a geography-aware comparison.

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.

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 · ZIP Code Business Patterns (ZBP) As of 2023

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

Neighborhood Scorecard
Get an A-F grade across income, safety, housing, rent, education, commute, and childcare for this ZIP code.
View Scorecard →

Who lives in ZIP 48723?

46.5

Median Age

50.7%

Male

49.3%

Female

1.0%

Foreign-Born

White 92.3%
African American 2.1%
Asian 0.1%
American Indian or Alaska Native 0.1%
Native Hawaiian or Pacific Islander 0.0%
Two or More Ethnicities 4.6%
Hispanic or Latino 3.6%

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

$30,774

Per Capita Income

20.8%

Poverty Rate

6.2%

Unemployment Rate

24.9 min

Mean Commute Time

How ZIP 48723 ranks nationally

Caro, MI household income vs. every US ZIP code

Median household income, the full national distribution, with this ZIP marked

$55,779 22nd percentile higher than 22% of 30,318 US ZIPs

$0–$20,000: 118 US ZIPs (0%). Below this entry. $20,000–$40,000: 1,573 US ZIPs (5%). Below this entry. $40,000–$60,000: 7,092 US ZIPs (23%). This entry sits in this band. $60,000–$80,000: 9,980 US ZIPs (33%). Above this entry. $80,000–$100,000: 5,778 US ZIPs (19%). Above this entry. $100,000–$120,000: 2,855 US ZIPs (9%). Above this entry. $120,000–$140,000: 1,362 US ZIPs (4%). Above this entry. $140,000–$160,000: 686 US ZIPs (2%). Above this entry. $160,000–$180,000: 364 US ZIPs (1%). Above this entry. $180,000–$200,000: 186 US ZIPs (1%). Above this entry. $200,000–$220,000: 324 US ZIPs (1%). Above this entry. This ZIP $0 $200K+ every reporting US ZIP, bucketed by value

Each bar is a $20K-wide band; taller bars hold more US 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?

High School Graduate or Higher 65.0%
Bachelor's Degree or Higher 17.6%

Source: U.S. Census Bureau, ACS 5-Year Estimates (2023)

What does housing look like?

5,246

Total Housing Units

4,801

Occupied Units

445

Vacant Units

2.33

Avg Household Size

Occupancy Type

Owner 80.4%
Renter 19.6%

$138,100

Median Home Value

-37% vs state

$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

More ZIP Codes in Tuscola County

48768 standard
Vassar, MI
Pop: 9,832
48746 standard
Millington, MI
Pop: 8,528
48726 standard
Cass City, MI
Pop: 6,172
48744 standard
Mayville, MI
Pop: 4,615
48757 standard
Reese, MI
Pop: 3,817
48767 standard
Unionville, MI
Pop: 2,162

Related Areas

Tuscola County Caro, MI Michigan

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.

Read our methodology to see how this data is sourced, computed, and verified.