07882, Washington, NJ

The 7882 zip code of Washington, NJ is located in Bergen County and has a population of approximately 106,000. The median household income in the 7882 zip code is $101,000 and the median home value is $269,500. The average home equity loan amount in the 7882 zip code is $161,500.

There has been a significant increase in home equity loans in the 7882 zip code over the past few years. In 2013, there were only 10 home equity loans in the 7882 zip code. By 2016, that number had increased to 54 home equity loans. This increase can likely be attributed to several factors: 1) an increasing demand for housing due to an improving economy; 2) low interest rates; and 3) increasing access to credit through mortgage products such as HELOCs (home equity lines of credit).

Despite this increase in access to credit, there have been concerns raised about the potential for high-risk lending practices within the home equity market. For example, some lenders may offer high-interest rates or require borrowers to take on excessive debt burdens in order to obtain a home equity loan. These risks could lead to borrowers experiencing financial difficulties if they are unable to repay their loans or if their homes are sold at a lower price than expected.

Overall, it seems that both homeownership and home equity lending are growing trends within the 7882 zip code of Washington, NJ. While there are some risks associated with these activities, they appear to be having a positive impact on overall economic growth and housing prices within this area