08403, Longport, NJ

The 8403 zip code of Longport, NJ has a median home value of $147,500. This is significantly higher than the statewide median home value of $117,500 and the national median home value of $177,000. The high home values in this zip code are likely due to the close proximity to Atlantic City and the large number of affluent residents who live in this area.

Home equity is an important factor in determining a person’s ability to afford a mortgage and other expenses related to owning a home. Home equity is the difference between the market value of a homeowner’s property and his or her outstanding mortgage debt. As long as a homeowner’s mortgage payments are on time and his or her debt remains below the market value of their property, he or she will have significant equity in their home.

The 8403 zip code has a higher than average percentage of homeowners with equity in their homes (77%). This indicates that many residents are able to maintain their homes despite having significant debt obligations relative to their property values. In addition, Longport is one of only two zip codes in New Jersey where more than half (55%)of homeowners report having more money available for spending rather than paying off their mortgages. These high levels of homeownership and financial flexibility may be due in part to low interest rates and stable housing prices over the past few years.