14616, Rochester, NY

The 14616 zip code of Rochester, NY has a median home value of $147,200 and a median home equity value of $119,000. The average list price for homes in this zip code is $153,900. This means that the majority of homes in this zip code are worth more than their original purchase price. Additionally, the average mortgage rate for this zip code is 4.5%. This means that homeowners in this zip code can afford to borrow money at a relatively low interest rate to purchase a home.

One reason why homeowners in the 14616 zip code can afford to borrow money at such low rates is because there are so many homes available for sale in this area. In fact, there are currently 97 homes listed for sale in the 14616 zip code and only 6 of these 97 homes have been sold as of March 2019. This indicates that there is high demand for housing in the 14616 zip code and that potential buyers are willing to pay a higher list price for a home than what it was originally purchased for.

Another reason why homeowners in the 14616 zipcode can afford to borrow money at such low rates is because they have access to ample amounts of equity in their homes. As mentioned earlier, the median home equity value in this area is $119,000 which means that most homeowners have enough equity built up within their homes to cover any potential losses incurred if they were to lose their jobs or experience some other financial setback. Additionally, many homeowners who live in this area also own their properties outright which gives them even more security when it comes to accessing their equity and making mortgage payments.