02721, Fall River, MA

The 2721 zip code of Fall River, MA has a median home value of $161,000 and a median home equity value of $119,000. This is significantly higher than the Massachusetts statewide median home value of $146,500 and the national median home value of $177,200. The 2721 zip code also has a significantly higher percentage of homes with a mortgage (57%) than the statewide Massachusetts percentage (46%) and the national percentage (41%). These high percentages may be due to the strong economy in Fall River which has led to increased demand for housing. Additionally, many homeowners in this zip code have taken advantage of low interest rates available on mortgages in recent years.

Despite these high values, there are still many homeowners in the 2721 zip code who are struggling to afford their homes. For example, approximately one-third (33%) of homeowners in this zip code have less than 5% equity in their homes, which is below the statewide Massachusetts percentage (36%) and the national percentage (40%). Additionally, approximately one-quarter (24%) of homeowners in this zip code have less than 10% equity in their homes, which is also below the statewide Massachusetts percentage (26%) and national percentage (22%). These high levels of homeowner debt may be contributing to slower economic growth in Fall River since it takes away resources that could be used elsewhere in businesses or households.