01085, Westfield, MA

Westfield, MA is located in Middlesex County and has a population of approximately 25,000. The median household income in the zip code is $123,000 and the median home value is $1,075,000. The 1085 zip code has a home equity rate of 68.5% which is higher than the Massachusetts average of 54.9%. The 1085 zip code also has a home price index of 116.4 which is higher than the Massachusetts average of 100.0%.

The main factors that contribute to the high home equity rate in Westfield are its high incomes and low rates of foreclosure. In addition, Westfield's relatively small size relative to other major metropolitan areas in Massachusetts may also contribute to its high home equity rate.

Despite these positive factors, there are some risks associated with having high levels of home equity in Westfield. These risks include potential problems with debt repayment if interest rates rise or if the market for homes in Westfield becomes less favorable. Additionally, homeowners who rely heavily on their home equity to finance their lifestyle may be at risk if market conditions change suddenly and they are unable to repay their debts.