14867, Newfield, NY

Home Equity and Home Prices in the 14867 Zip Code of Newfield, NY

When people think of home equity, they often think of the value of their home minus any outstanding mortgages or other debts. In some cases, homeowners may also have money set aside in a savings account or other investment vehicle that they can use to pay off their mortgages.

However, when we talk about home equity and home prices, we are really talking about two very different things. Home equity is simply the value of a homeowner’s home minus all outstanding debts and obligations.

On the other hand, home prices are what homeowners actually receive for their homes on the open market. This can be an important consideration for people who want to buy a house but may not have enough money saved up to cover the full purchase price.

In Newfield, average home prices were $269,000 in 2016 according to Zillow data. That’s up from $242,000 just five years earlier and well above the statewide average of $198,500 during that same time period.

While there are many factors that contribute to changes in home prices over time (including interest rates, availability of housing stock and local economic conditions), it’s clear that homeowners in Newfield have been able to benefit greatly from rising property values over recent years.