06339, Ledyard, CT

The 6339 zip code of Ledyard, CT has a median home value of $269,000 and a median home equity value of $141,000. This compares favorably to the national median home value of $177,500 and the national median home equity value of $142,700. The 6339 zip code also has a lower than average percentage of homeowners with negative equity (25%) compared to the national average (32%).

One potential explanation for these favorable statistics is that Ledyard is a relatively affluent area. The 2016 American Community Survey found that the median household income in the 6339 zip code was $101,868. Additionally, the percentage of adults with at least a bachelor's degree was above average (35%). These factors may contribute to higher home values and lower levels of negative equity.

Another factor that may contribute to high home values and low levels of negative equity in the 6339 zip code is low interest rates. Since 2007, mortgage rates have been below 4%. This has made it more affordable for people to buy homes and allowed homeowners with good credit scores to borrow more money against their homes' values. Low interest rates may also encourage people to buy homes even if they don't need them right now because they believe their homes will appreciate in the future.

While there are many reasons why homeowners in the 6339 zip code have positive equity in their homes, there are also some challenges facing this community. One challenge is that Ledyard is aging rapidly and there are not enough new homes being built to meet demand. As a result, many homeowners are having to sell their homes at a loss due to oversupply and rising prices. Another challenge is that Ledyard has seen an increase in crime over recent years which could lead some homeowners who are nervous about security to decide not to sell their homes or refinance into something less risky.