16323, Franklin, PA

The 16323 zip code of Franklin, PA is located in the heart of Pennsylvania's coal country and has been struggling economically for many years. The median home value in this zip code is $50,000, which is much lower than the statewide median home value of $181,500. In addition, the 16323 zip code has a homeownership rate of just 41.5%, which is significantly lower than the statewide homeownership rate of 63.9%.

One reason why homes in the 16323 zip code are so cheap is that there are a lot of foreclosures and short sales in this area. In fact, according to Zillow, as of September 2016 there were 1,856 properties listed for sale in this zip code and 1,840 properties were listed as being available for purchase. This means that there are a lot of homes available for purchase but very few buyers interested in purchasing them.

Another reason why homes in the 16323 zip code are so cheap is because there are a lot of people who are underwater on their mortgages. That means that they owe more money on their home than it is worth. As a result, these homeowners have trouble selling their homes even if they wanted to because potential buyers don't want to take on such high debt loads.

Overall, it seems like the home equity and home prices in the 16323 zip code are going to remain low for quite some time due to all of the factors mentioned above.