01841, Lawrence, MA

Home equity is a measure of the value of a home minus the outstanding mortgage debt on that home. In Lawrence, MA, in 1841, the median home equity was $5,000. This means that half of all homes in Lawrence had more equity than their outstanding mortgage debt. The average home equity in Lawrence was $8,000.

The primary driver of home equity changes over time is the rate at which homeowners pay off their mortgages. When interest rates are high and borrowers can afford to pay off their mortgages more quickly, they will do so and their homes will have more equity. Conversely, when interest rates are low and borrowers can't afford to pay off their mortgages as quickly, homes will have less equity. Over time, changes in interest rates will affect both the amount of home equity and the median home value in a given area.

In Lawrence, MA, during 1841 there were 1,811 households with at least one adult who owned their own house or apartment. This represented 84% of all households in Lawrence. Of these households:

• 49% had more than $5k worth of home equity

• 34% had between $2k and $4k worth of home equity

• 10% had between $1k and $2k worth of home equity

• 2% had less than $1k worth ofhome Equity