15714, Northern Cambria, PA

Northern Cambria is a small town located in the 15714 zip code. The 15714 zip code has a population of just over 2,000 people and an average home value of just over $150,000. Home equity in the 15714 zip code is very high compared to other areas of the country. In fact, home equity in the 15714 zip code is more than double the national average.

One reason for this high level of home equity is that Northern Cambria is a relatively affluent area. The median household income in the 15714 zip code is $75,000, which is significantly higher than the national median household income of $53,046. Additionally, there are relatively few families living below the poverty line in the 15714 zip code, which means that most households have some amount of savings available to invest in their homes.

Another factor contributing to high levels of home equity in Northern Cambria are low interest rates. The interest rate on mortgages in Northern Cambria currently stands at 3%. This low interest rate makes it easier for homeowners to borrow money to buy their homes and also makes it more likely that homeowners will be able to pay off their mortgages quickly.

Despite these factors, there are some risks associated with having high levels of home equity. If prices decline suddenly in Northern Cambria or elsewhere throughout the country, many homeowners who have invested heavily in their homes may find themselves struggling to keep up with their payments. Additionally, if interest rates rise significantly from current levels, many homeowners who have taken out mortgages with low interest rates could find themselves facing significant financial difficulties.