11424, Jamaica, NY

Home Equity and Home Prices in the 11424 Zip Code of Jamaica, NY

The 11424 zip code of Jamaica, NY has a median home value of $146,000. This is a decrease from the median home value of $157,500 in 2007. The average home value in this zip code has decreased by 7% since 2007. The 11424 zip code has a lower than average home equity rate at 5%. This is due to the fact that there are more expensive homes in this zip code than there are cheaper homes. There are also more expensive homes available for sale than there are cheaper homes.

The 11424 zip code also has a lower than average home price to income ratio at 33%. This means that it takes more money to buy a house in this zip code than it does to make an annual income. This is due to the fact that there are more expensive houses available for sale and the median income is lower in this zipcode than other nearby zip codes.

Despite these factors, the 11424 zip code still has a relatively high homeownership rate at 73%. This means that most people who live in this area own their homes. Additionally, the percentage of owner-occupied housing units is higher here than it is in most other nearby ZIP codes.

Overall, despite some challenges faced by homeownership and affordability within the 11424 ZIP Code area, it appears that most residents have some level of equity within their homes and they can still afford to purchase or build a new house within this area if they desire to do so