12983, Saranac Lake, NY

The Saranac Lake zip code 12983 has a population of just over 10,000 people and an average home value of just over $300,000. The median home value in the zip code is $291,500. Home equity in the Saranac Lake zip code is very high compared to other areas of the country. In fact, according to Zillow, the median home equity in the Saranac Lake zip code is $269,200. This means that almost half of all homes in the Saranac Lake zip code have more than their original purchase price remaining on their mortgage.

One reason for this high level of home equity is that there are a lot of expensive homes in the Saranac Lake zip code. According to data from Trulia, the average list price for a home in the Saranac Lake zip code is $319,851. This means that even if you only have 20% down on your purchase, you will still have more than enough money left over to pay off your mortgage completely.

Another reason why home equity is so high in the Saranac Lake zip code is that there are a lot of people who own their homes outright rather than using mortgages. According to Zillow data, 43% of homes in the Saranac Lake zipcode are owned outright rather than being financed through a mortgage. This means that homeowners can rely on their home equity to cover any unexpected expenses or repairs without having to worry about getting into debt or taking out additional loans.

Overall, it seems clear that homeownership and strong home equity are very common in the 12983 ZIP Code of Saranac Lake NY. This combination makes it very difficult for residents to get into trouble financially and allows them to cover any unexpected expenses easily without having to take out additional loans or go into debt