02891, Westerly, RI

The 2891 zip code of Westerly, Rhode Island is located on the East Coast of the United States and has a population of approximately 3,000. The median household income in this zip code is $86,000 and the median home value is $269,500.

Home equity in Westerly, RI has been increasing rapidly over the past few years. In January 2016, the home equity in this zip code was $236,000. This increased to $269,500 by December 2017. This indicates that home values have increased by over 20% since January 2016.

This rapid increase in home values can be attributed to several factors. First, Westerly is a desirable location with plenty of amenities and good schools. Second, there are relatively few homes for sale in this zip code which has led to increased demand from buyers and higher prices for those homes that are available. Third, interest rates have remained low which has helped to increase the value of homes overall.

While home equity in Westerly is growing rapidly, it is important to keep in mind that it is not immune to market fluctuations or economic downturns. For example, if interest rates rise then the value of homes will decrease as borrowers may be unable to afford their payments at current levels. Additionally, if there are more homes for sale then prices will likely decrease as competition among buyers increases.

Overall, while home equity in Westerly continues to grow rapidly it is important for homeowners to understand that it can also decline quickly if conditions change negatively for the local economy or market