01351, Montague, MA

The 1351 zip code of Montague, MA has a median home value of $223,000 and a median home equity value of $145,000. These values are relatively high when compared to the rest of Massachusetts, which has a median home value of $179,500 and a median home equity value of $146,700. The reason for this discrepancy may be due to the presence of affluent neighborhoods in Montague (such as Fox Hill and Saddle River) or the fact that more expensive homes have been built in this area over the past few years.

Despite these high values, homeownership rates in Montague are relatively low when compared to other parts of Massachusetts. Only 54% of households in the 1351 zip code own their homes outright, which is lower than the statewide average ownership rate of 63%. Additionally, only 26% of households in Montague use HELOCs (home equity loans) to finance their homes, which is also lower than the statewide average HELOC usage rate of 31%. This indicates that many homeowners in Montague are able to access ample amounts of credit to purchase their homes.

Overall, it appears that homeownership rates and home equity values are high relative to other parts of Massachusetts but there is still room for improvement in terms of access to credit. This could be due to factors such as low levelsof education or income among residents within the 1351 zip code or an unwillingness on behalfof some lendersto offer mortgages to those who may not meet traditional lending criteria.