17023, Elizabethville, PA

The 17023 zip code of Elizabethville, PA has a median home value of $119,000 and a median home equity value of $128,000. This is higher than the Pennsylvania median home value of $106,500 and the national median home equity value of $81,200. The 17023 zip code also has a lower than average homeownership rate at just 54%. This is likely due to the high cost of living in this area as well as the low number of homes available for sale.

Despite these high values, there are still many homeowners in the 17023 zip code who are struggling to make their mortgage payments. According to Zillow’s Home Value Index report for August 2018, 20% of households in this zip code were underwater on their mortgages as of that month. This means that they owed more on their homes than their homes were worth. Additionally, 5% of households in this zip code were severely underwater on their mortgages and had to sell or refinance their homes in order to keep up with payments.

Despite these challenges, many people are still able to afford homes in the 17023 zip code thanks to strong home equity values. As mentioned earlier, 68%of households in this zipcode have at least some equity in their homes. This means that they can use that equity to cover some or all of their monthly mortgage payments if necessary. Additionally, many people are able to borrow against their home equity through HELOCs (home improvement loans) or second mortgages. These types of loans allow homeowners to borrow money against the value of their home without having to sell it first.