04640, Hancock, ME

Home Equity and Home Prices in the 4640 Zip Code of Hancock, ME

The 4640 zip code of Hancock, ME has a median home value of $128,000. This is lower than the statewide median home value of $177,500. The 4640 zip code also has a lower than average home equity percentage of 57%. This means that there are more homes with negative equity (less than the value of the mortgage) than homes with positive equity (more than the value of the mortgage).

There are several factors that could contribute to this low home equity percentage in the 4640 zip code. One possibility is that there are a higher number of homes that were purchased at or below market value. Another possibility is that there are a higher number of homes that have been in foreclosure or short sale status.

Despite these potential factors, it's still important to consider other aspects of homeownership when making decisions about buying or selling a home in the 4640 zip code. For example, it's important to consider whether you'll be able to afford your monthly payments if you're required to pay off your mortgage early. Additionally, it's important to factor in any potential tax breaks or incentives available for purchasing or selling a home in this area.