10588, Shrub Oak, NY

Home Equity in the 10588 Zip Code of Shrub Oak, NY

According to Zillow, the median home value in the 10588 zip code of Shrub Oak, NY is $246,900. This means that there is a 50% chance that the median home value in this zip code is greater than $200,000 and a 100% chance that it is greater than $100,000. The average home value in this zip code is $269,600. Therefore, based on these figures it can be assumed that the majority of homes in this zip code are worth at least $200,000.

The average home price has increased by 7% since 2016 and by 11% since 2015. This indicates that there is strong demand for homes in this zip code and that prices are likely to continue to rise over time.

Home Equity vs Home Prices

It should be noted that while home equity (the total value of a homeowner’s equity) represents a percentage of a property’s overall market value (the total cost of buying and selling the property), home prices represent an actual dollar amount paid for a property. So while homeownership rates may be decreasing nationwide (due to increasing costs associated with owning a house), homeownership rates in Shrub Oak remain high – meaning more people are able to purchase their homes outright rather than relying on theirhome equity as collateral for loans. Additionally, while some homeowners may experience negative equity if their mortgage balance exceeds theirhome’s market value (meaning they owe more money on their house than its worth), most homeowners have positive equity – meaning they own more house than what they owe on it.