04268, Norway, ME

Norway is a small town located in the rural area of Aroostook County, Maine. The population of Norway was 1,812 at the 2010 census. The median household income in Norway is $40,000 and the median family income is $50,000.

The 4268 zip code covers a total area of 0.5 square miles and has a population density of 10 people per square mile. There are a total of 593 households in the zip code and the average household size is 2.47 people. The median age in Norway is 43 years old and there are a total of 806 housing units in the zip code. The majority (86%) of households in Norway are owner-occupied while 14% are renter-occupied and 1% are occupied by renters who live outside the home.

Home equity refers to an owner’s equity or net worth in their home as opposed to their overall net worth which includes all assets they own including their car, bank accounts, stocks etc. Home prices refer to the market value of homes within a given zip code on any given day.

According to Zillow’s analysis of recent data, home values have increased by 9% nationally over the past year while home equity has increased by 11%. In Norway over the past year, home values have increased by 12% while home equity has increased by 16%.

There are several factors that could be contributing to these increases including low interest rates (0%), strong job market (+2%), increasing demand for housing (+6%) and limited supply (-4%).

In addition to these general trends, there have been specific events that have impacted home values within Norway such as Hurricane Sandy which caused widespread damage throughout New York City but had no impact on Maine or Norway (+1%). Additionally, there has been an increase in luxury homes being sold within Norway (+10%) which could be attributable to an increase in wealthy individuals moving into town or an increase in development activity within town (+9%).

Overall though it appears that Norwegian homeownership rates remain relatively stable despite recent fluctuations while prices continue to rise faster than incomes for most homeowners across America