11977, Westhampton, NY

Westhampton, NY is located in Suffolk County and has a population of approximately 10,000. The 11977 zip code covers a total area of approximately 1.5 square miles and has a median household income of $103,000. Home values in the 11977 zip code have increased by an average of 9% over the past five years, which is significantly higher than the national average of 5%.

The majority of home buyers in Westhampton purchase homes with equity. According to Zillow, 78% of homeowners in Westhampton use their home equity to pay off debt or save for future expenses. Additionally, 69% of homeowners in Westhampton believe that their home equity is one of their most important assets. This high level of confidence likely contributes to the high rate of home value growth in this zip code.

One reason for the high rate of home value growth in Westhampton may be its strong economy. The unemployment rate in Suffolk County is 3%, which is lower than the national average unemployment rate of 5%. Additionally, wages are increasing faster than inflation rates across all industries in Suffolk County, which may help to drive up home values.

Despite these positive factors, there are some risks associated with buying a home in Westhampton. One risk is that interest rates could rise over time and make it more difficult for homeowners to pay off debt or save for future expenses using their home equity. Another risk is that the market could decline and lead to a decrease in prices for homes within the 11977 zip code. However, based on current trends and data from Zillow®, it appears that both risks are relatively low at this point.