07656, Park Ridge, NJ

The 7656 zip code of Park Ridge, NJ has a median home value of $1,072,000 and a median home equity value of $282,000. These values are significantly higher than the national median home value of $177,500 and the national median home equity value of $165,000. The reasons for these high values are likely due to the affluent population in this zip code and the strong demand for housing in Park Ridge.

In addition to having a high median home value and median home equity value, the 7656 zip code also has a high rate of homeownership. As of 2016, 78% of residents in this zip code were homeowners compared to the national homeownership rate of 63%. This high rate of homeownership is likely due to the affluent population in this area as well as the strong demand for housing in Park Ridge. Additionally, there is little or no inventory available for purchase within this zip code which drives up prices.

Overall, it is clear that residents in the 7656 zip code have significant wealth and access to expensive homes. This makes it an attractive area to live in and likely contributes to why house prices are so high here.