06856, Norwalk, CT

Norwalk, CT is located in the 6856 zip code. The median home value in this zip code is $202,000. The average home value in Norwalk has increased by 5.5% over the past year and has grown by 10% over the past five years. This growth can be attributed to a number of factors including an increase in population and demand for housing, as well as low interest rates and increasing property values.

The homeownership rate in Norwalk is 69%. This rate is lower than the national homeownership rate of 74%. However, Norwalk's homeownership rate is higher than the Connecticut homeownership rate of 62%. There are a number of reasons why Norwalk's homeownership rate may be lower than other areas of Connecticut. One reason may be that Norwalks are generally older and have more single-family homes than other parts of Connecticut. Additionally, many people who live in Norwalk own their homes outright rather than using a mortgage or loan product. This means that they have more control over their property and are less likely to need to sell if they want to move or change jobs.

One factor that has contributed to rising home prices in Norwalk is the low interest rates currently available on mortgages and loan products. In fact, according to Zillow, the average interest rate on a 30-year fixed-rate mortgage in Norwalk is just 3%. This low interest rates make it easier for people who want to buy a home to do so without having to worry about high monthly payments or having to take out a large loan amount at once. Additionally, because property values continue to grow even when interest rates rise slightly (due to inflation), people who are able to borrow money now will be able to afford larger homes later on when their mortgages reach maturity date – even if interest rates go up slightly from here!

Overall, it appears that there are several factors contributing towards increased home values – including an increase in population and demand for housing combined with low interest rates – which should continue driving prices up in the 6856 zip code for years into the future!