16102, New Castle, PA

The 16102 zip code of New Castle, PA has a median home value of $137,000 and a median home equity value of $122,000. These values are significantly higher than the national median home value of $123,500 and the national median home equity value of $101,200. The high home values in the 16102 zip code may be due to its close proximity to Philadelphia and its large population of college students.

The 16102 zip code also has a high rate of homeownership (79%) compared to the national average rate of 63%. This high homeownership rate may be due to the strong economy and low unemployment rates in New Castle. Additionally, many families in the 16102 zip code may have saved up for years before they were able to purchase their homes.

Despite the high home values and high homeownership rates in the 16102 zip code, there is evidence that prices are beginning to decline. The average price per square foot decreased by 2% from January 2017 to January 2018 according to Zillow data. Additionally, Home Equity Line Of Credit reports show that applications for HELOCs (home equity loans) have increased by 9% from December 2017 to December 2018. This suggests that more people are feeling pressure to sell their homes because their equity levels have decreased or they cannot afford their mortgage payments anymore.