01468, Templeton, MA

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. In Templeton, MA, home equity averaged $269,000 in 2014. This means that homeowners in the 1468 zip code had more than three times their annual income left over after paying off their mortgages and other debts.

This high level of home equity is likely due to the relatively low cost of housing in Templeton. The median list price for homes in the 1468 zip code was $165,000 in 2014, which is about one-third of what it costs to buy a comparable home elsewhere in Massachusetts. Additionally, Templeton has seen very little growth over the past few years, which has kept prices stable relative to other areas of Massachusetts.

Despite these factors, there are some risks associated with having high levels of home equity. If interest rates rise or if the market for homes in Templeton falls below average levels, homeowners could find themselves struggling to pay off their mortgages. Additionally, if someone loses their job or experiences other financial setbacks and cannot afford to make payments on their mortgage anymore, they may be forced to sell their home at a loss.