16148, Hermitage, PA

The zip code 16148 in Hermitage, Pennsylvania has a median home value of $161,000 and a median home equity of $101,000. This is significantly higher than the national median home value of $181,500 and the national median home equity of $102,700. The zip code also has a high percentage of homeowners with a mortgage (77%) and a low percentage of homeowners with no mortgage (15%). These factors contribute to the high home values and home equity in this zip code.

One reason for the high values in this zip code is that it has a high percentage of homes that are owner-occupied. This is likely due to the strong economy in Hermitage which has led to an increase in jobs and wages over the past few years. Additionally, many people who live in this zip code are likely wealthy enough to afford a house without having to rely on rental income or other sources of income.

Despite these positive factors, there are some challenges facing residents in 16148. One issue is that there is an increasing number of people moving into the area who do not have enough money to purchase a house or who cannot afford to pay off their existing mortgage quickly enough. This puts pressure on the housing market and makes it more difficult for people who already own homes to sell them at fair prices. Additionally, there is concern that rising interest rates could lead to an increase in homeowner defaults and reduced property values in 16148 over time.