14560, Springwater, NY

Home Equity and Home Prices in the 14560 Zip Code of Springwater, NY

The 14560 zip code of Springwater, NY has a median home value of $187,500. The home equity for this zip code is $143,000. This means that the majority of homes in this zip code have more than $100,000 in equity. Additionally, the average home price in this zip code has increased by 5% over the past year. This suggests that there is strong demand for homes in this area and that prices are likely to continue to rise.

One reason why home prices are rising in the 14560 zip code is because there is a high demand for homes here. The population of Springwater has grown by 10% over the past five years and there are now more than 2,000 residents living here. Additionally, many people are moving to Springwater because it is a beautiful town with plenty of amenities. There are several restaurants and shops located within walking distance of most homes here, as well as a public library and swimming pool.

Another factor contributing to the high demand for homes in the 14560 zip code is that wages have been increasing relatively slowly over the past few years. As a result, many people who would have been able to buy a home earlier now find themselves unable to do so due to their increased debt levels. In addition, interest rates have remained low throughout much of 2018 which has made it easier for people to borrow money against their home equity loans. However, interest rates are expected to increase soon which will likely cause some homeowners who took out large loans against their home equity to face difficulties refinancing or paying off those loans altogether.