04344, Farmingdale, ME

The 4344 zip code of Farmingdale, ME has a population of approximately 20,000 people. The median household income in this zip code is $105,000 and the median home value is $269,500. The 4344 zip code has a homeownership rate of 66% and a vacancy rate of 3%.

The 4344 zip code has seen an increase in home equity over the past five years. In 2012, the home equity in this zip code was $183,500. Five years later, the home equity in this zip code had increased to $269,500. This indicates that there has been an increase in the value of homes in this area over the past five years.

One reason that homes have increased in value over the past five years is because there are relatively few homes for sale in this area. There are only 116 homes for sale within the 4344 zip code compared to 1,827 homes for sale across all of Maine. This means that there is high demand for housing within this area and that buyers are able to purchase properties at a higher price than would be possible if there were more available homes for sale.

Another reason that homes have increased in value over the past five years is because interest rates have remained low throughout this time period. Interest rates have been below 4% since 2009 which has helped to increase the value of homes overall. Low interest rates also make it easier for buyers to borrow money to purchase a home and they can do so with less risk than if interest rates were higher.