08514, Cream Ridge, NJ

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. In general, homeowners in wealthier areas tend to have more equity in their homes, while homeowners in poorer areas may have less equity.

The 8514 zip code of Cream Ridge, NJ has a median home value of $269,000 and a median mortgage debt of $161,000. This means that as of 2016, 43% of homeowners in this zip code had more than the market value of their home, while 57% had less than the market value.

In terms of home prices, there has been an overall increase in prices over the past five years. As of May 2017, the average price for homes in this zip code was $291,500. This represents an increase from $267,500 as measured in May 2013.

There are several factors that could contribute to this trend including population growth (due to an influx of families moving into the area), low interest rates (which make borrowing money for a down payment cheaper), and limited supply (due to stricter zoning laws which restrict development).

While it is important to note that not all homeowners within 8514 zip code will experience similar increases in home values or mortgage debt over time - due to individual circumstances and location within the area - it is clear that there is considerable demand for properties within this zip code.