07045, Montville, NJ

The home equity and home prices in the 7045 zip code of Montville, NJ are quite high. The median home value in this zip code is $527,000, which is significantly higher than the national median home value of $205,000. Additionally, the percentage of homes in this zip code that are owned outright (without a mortgage) is very high at 88%. This indicates that many homeowners in this area have a lot of equity in their homes.

One reason for the high home values and homeownership rates in this area may be the excellent schools available. The local public schools are ranked as some of the best in New Jersey and many families may be willing to pay a higher price for a house near good schools. Additionally, Montville is located within close proximity to both New York City and Philadelphia, which may also contribute to its high home values.