01473, Westminster, MA

Westminster, MA is located in Middlesex County and has a population of approximately 27,000. The median household income in Westminster is $101,000 and the median home value is $527,500. Approximately 60% of households in Westminster own their homes while the remaining 40% are renters.

The 1473 zip code of Westminster has a median home equity of $269,100 and a median home price of $527,500. This means that the typical homeowner in this zip code has over twice as much equity in their home as the typical renter does. In addition, homeowners in this zip code have seen their home values increase an average of 9% over the past five years. This indicates that there is strong demand for homes in this area and that homeowners are able to reap significant benefits from rising prices.

One reason why homeowners are able to benefit so much from rising prices is because mortgage rates have remained relatively low throughout the past few years. This makes it easier for homeowners to afford larger mortgages and also allows them to borrow more money overall than if rates were higher. Additionally, many lenders now offer mortgage products with lower interest rates that are designed specifically for homeownership. Therefore, even if interest rates rise later on down the road, homeowners will still be able to afford larger mortgages without having to worry about paying higher monthly payments.

Overall, it appears that there is strong demand for homes in Westminster and that homeowners are reaping significant benefits from rising prices. This indicates that there is good potential for continued growth in both home equity and home prices within this area over the next few years