13418, North Brookfield, NY

Home equity is the difference between what a homeowner owes on their home and the value of their home. Home prices are the amount that someone is willing to pay for a property. The 13418 zip code of North Brookfield, NY has seen an increase in both home equity and home prices over the past few years.

According to Zillow, as of February 2019, the median home value in this zip code was $269,900. This is up from $242,500 in February 2018. Additionally, Zillow reports that over the past twelve months, the median home equity growth rate has been 10%. This means that for every $100 that was owed on a home as of February 2019, $110 worth of equity had been added to it since January 2018.

This increase in homeownership and equity can be attributed to several factors. First and foremost is an overall rise in housing prices across all markets nationwide. However, this trend seems to be particularly pronounced in North Brookfield where there has been an influx of new residents and businesses over the past few years. As more people move into this area and invest in homes here, they are able to bring along more money with them which drives up prices even further.

Another contributing factor may be low interest rates which have made borrowing money against a house less expensive than it has been in recent memory. Additionally, many homeowners who were underwater on their mortgages prior to the 2008 financial crisis have since been able to refinance or obtain HELOCs (home equity lines of credit) which have helped them gain back some or all of their lost equity. Finally, there is always potential for price appreciation – if current trends continue – so long as there are no major setbacks such as a housing market crash or recessionary conditions taking hold again nationally