06089, Weatogue, CT

The 6089 zip code of Weatogue, CT has a median home value of $179,000 and a median home equity value of $101,000. This is significantly lower than the Connecticut median home value of $269,500 and the national median home equity value of $177,200. The 6089 zip code also has a significantly lower homeownership rate than both Connecticut and the national average. In 2016, only 54% of households in the 6089 zip code owned their homes outright while 30% held a mortgage. These numbers are much lower than both Connecticut’s homeownership rate of 68% and the national average homeownership rate of 66%.

One potential explanation for these low home values and homeowner rates in the 6089 zip code may be its high levels of unemployment. In 2016, Weatogue had an unemployment rate of 11%. This is much higher than both Connecticut’s unemployment rate (4%) and the national average unemployment rate (5%). It is also higher than most other zip codes in Connecticut which have an unemployment rate between 4% and 6%. It is possible that unemployed residents are less likely to own their homes outright or to have enough money saved up to cover a large down payment on a house.

Despite these low home values and homeowner rates, there are some areas in the 6089 zip code where prices are higher than average. For example, neighborhoods near I-95 or Route 8 have seen significant increases in prices over recent years due to increased demand from buyers who commute into Hartford or New York City. Conversely, neighborhoods near town centers like Weatogue Village or East Windsor have seen little to no growth in prices over this same time period. This suggests that price growth varies greatly depending on location within the 6089 zip code.