04040, Harrison, ME

The 4040 zip code of Harrison, ME has a median home value of $119,000. This is significantly lower than the statewide median home value of $177,500. The 4040 zip code also has a significantly lower home equity percentage than the statewide average of 63%. This indicates that there are more homes in this zip code that are worth less than their mortgages.

There are several factors that could be contributing to the low home equity percentage in the 4040 zip code. One possibility is that there are more homes in this zip code that are worth less than their mortgages because they are older or have been damaged in some way. Another possibility is that there are fewer families who can afford to buy a house in this area, which would lead to more homes being worth less than their mortgages.

Despite the low home equity percentage, homeownership rates in the 4040 zip code remain high compared to other areas of Maine. This suggests that many families who want to buy a house can still do so if they have enough money saved up. Additionally, although homeownership rates may be high, it doesn't mean that everyone who lives in this area is able to afford a house with their current income. Many people who live in the 4040 zip code may need to make significant sacrifices (such as reducing their spending or moving) if they want to purchase a house with their current income.