06051, New Britain, CT

The home equity and home prices in the 6051 zip code of New Britain, CT are very high. According to the 2016 American Community Survey, the median home value in this zip code is $269,000. This is more than double the median home value of $118,000 found in the entire state of Connecticut. Additionally, the percentage of homes with a mortgage in this zip code is much higher than the statewide average of 54%. This indicates that many homeowners in this area are able to afford to borrow a large amount of money to purchase their homes.

One reason for these high home values and high mortgage rates in this zip code may be that it has a high concentration of affluent residents. The 2016 American Community Survey shows that 29% of households in this zip code have an income above $100,000 per year. This is much higher than the statewide average income level of 17%. It is also worth noting that this percentage increases to 41% when looking at households earning over $200,000 per year. These high incomes likely allow homeowners in this area to afford larger mortgages and therefore greater home equity values.

Another factor contributing to these high home values and high mortgage rates may be New Britain's strong economy. The 2016 American Community Survey shows that the unemployment rate in this zip code is only 3%, which is much lower than Connecticut's overall unemployment rate of 4%. This low unemployment rate likely attracts businesses and people who want to live near these businesses, which leads to increased demand for housing stock and raises prices accordingly.

Overall, it appears that there are many reasons why homeownership rates and home equity values are so high in the 6051 zip code of New Britain, CT. The affluent population coupled with a strong economy means that many homeowners can afford large mortgages and therefore significant amounts of equity in their homes. Additionally, low unemployment rates mean there is increased demand for housing stock relative to other areas throughout Connecticut, which drives up prices even further