12976, Rainbow Lake, NY

Rainbow Lake is located in the 12976 zip code of New York. The 12976 zip code has a population of 4,814 as of the 2010 census. The median household income in the 12976 zip code is $101,527. The median home value in the 12976 zip code is $269,000.

The 12976 zip code has a high home equity rate compared to other New York zip codes. As of March 2016, the home equity rate for the 12976 zip code was 18.2%. This is higher than the statewide average of 14.4% and higher than any other New York zip code except for Buffalo's 16.9%.

The high home equity rate in the 12976 zip code may be due to several factors. First, Rainbow Lake has a high concentration of affluent households relative to other parts of New York City and statewide. Second, Rainbow Lake has a low population density which allows for more house per capita and thus greater potential for investment in property values (due to limited competition). Third, Rainbow Lake experiences relatively low levels of unemployment and poverty relative to other parts of New York City and statewide which may also contribute to increased property values (higher incomes lead to increased spending on goods and services, which leads to increased demand for housing). Fourth, Rainbow Lake has a strong economy with relatively low levels of debt compared to other parts of New York State (relative to incomes). Fifth, Rainbow Lake experiences moderate levels of natural disasters (such as floods) which can damage homes but are not common enough that they have a significant impact on overall property values or homeowners' ability to sell their homes at fair prices (floods typically cause more short-term damage than long-term damage). Sixth, there are relatively few foreclosures or delinquent mortgages in the 12976 zip code relative to other parts of New York State or nationwide which may also contribute positively towards home equity rates.