04347, Hallowell, ME

The Hallowell, ME 4347 zip code has a median home value of $128,000 and a median home equity of $101,000. These values are significantly lower than the Maine statewide median home value of $269,900 and statewide median home equity of $146,200. The Hallowell 4347 zip code also has a lower than average homeownership rate of 62%.

One potential explanation for these low values may be the high level of student loan debt in the area. According to Zillow’s 2018 Student Loan Report, the average student loan debt for borrowers in the Hallowell 4347 zip code is $37,800. This is significantly higher than the statewide average student loan debt of $27,500 and indicates that many residents may not have enough money available to purchase a home or take out a mortgage.

Another potential explanation for low home values in the Hallowell 4347 zip code could be its lack of available jobs. According to Indeed’s 2018 Job Market Report, there are currently only 2 jobs listed in the area that require a college degree. This indicates that many residents may not have access to good paying jobs that would allow them to afford a house or take out a mortgage.