08805, Bound Brook, NJ

Home Equity and Home Prices in the 8805 Zip Code of Bound Brook, NJ

The home equity and home prices in the 8805 zip code of Bound Brook, NJ are very high. The median home value in this zip code is $527,000, which is more than triple the national median home value of $177,500. Additionally, the percentage of homes that are owned outright by their occupants is among the highest in the country at 96%. This high level of ownership contributes to a high level of home equity and home prices.

One reason for this high level of home equity and home prices is that there are a lot of wealthy residents in this zip code. The percentage of adults with an income over $200,000 is among the highest in New Jersey at 16%. Additionally, there are a lot of affluent families who live here. The percentage of families with incomes over $100,000 is among the highest in New Jersey at 27%. These high levels of income and wealth lead to a demand for homes that can accommodate these lifestyles.

Another factor contributing to the high level of home equity and home prices in this zip code is low levels of unemployment. The unemployment rate here is 3%, which is much lower than both the state average (6%) and national average (4%). This low level of unemployment leads to strong demand for homes because it means that there are plentyof people who can afford to buy them. In addition, low levelsof unemployment tend to leadto higher levelsofhome valuesbecause peoplearemorelikelytobeabletobuyahomeiftheycanaffordit.

Overall, it appears that there are several factors contributingtothehighlevelsofhomeequityandhomepricesinthiszipcodeofBoundBrookNJ:highlevelsoffinancialincomeandwealth;lowlevelsoff Unemployment;strongdemandforhomesbecauseofthemanypeoplewhocanaffordthem;andthe tendency forhigherlevelsoftheimiumvaluesinthiscitywhenmorepeopleareabletocarryouttheirplansforthemouseholds.