16101, New Castle, PA

Home Equity and Home Prices in the 16101 Zip Code of New Castle, PA

The zip code of 16101 has a median home value of $128,900. This is higher than the Pennsylvania median home value of $119,500. The zip code also has a lower than average unemployment rate at 3.5%. This is likely due to the presence of many small businesses and manufacturing companies in the area.

The percentage of households that own their homes outright is lower in the 16101 zip code than in most other Pennsylvania zip codes. Approximately 54% of households here own their homes outright, compared to approximately 68% statewide. The percentage of households that are mortgage holders is also higher here than statewide, at about 29%. This may be due to the relatively low cost of housing in this area or because more people here have taken out mortgages.

Despite these differences, there are some similarities between homeownership rates in the 16101 zip code and statewide averages. For example, both rates are above average for Philadelphia County and for Pennsylvania as a whole. Additionally, both rates are below average for Bucks County and Montgomery County but above average for Chester County and Delaware County.

One factor that could contribute to higher home values in this area are strong job market conditions. The unemployment rate here is lower than it is statewide or nationally, which may be attributable to the presence of many small businesses and manufacturing companies in the area (see previous paragraph). In addition, wages have been increasing faster here than they have nationwide over recent years – meaning that people who live here can afford to buy a house even if their income isn’t as high as it would be elsewhere.

Overall, despite some regional variation within Pennsylvania, homeownership rates tend to be high overall – especially compared to other states – which may help contribute to stable prices over time in areas like 16101 ZIP code