19605, Reading, PA

Reading, PA is located in Berks County and has a population of approximately 137,000. The median household income in Reading is $60,000 and the median home value is $160,000. In the 19605 zip code, there are approximately 58,000 homes with an equity value of $100,000 or more. Home equity values have increased by an average of 11% annually over the past five years.

The majority of Reading's residents own their homes outright or with a low-interest loan. However, there has been a recent trend towards purchasing homes with HELOCs (home equity lines of credit). This is likely due to low interest rates and the availability of these products. Approximately one-third of Reading's homeowners have at least one HELOC outstanding.

There are several factors that contribute to home equity values in Reading:

1) The local economy continues to grow steadily – this benefits both homeowners who own their homes outright and those who have low-interest loans on their properties;

2) The local housing market remains stable – there has been little inflationary pressure on prices over the past few years;

3) There is ample available inventory – although demand for residential property remains high overall, there is still room for buyers to enter the market if they are interested in purchasing a home;

4) Homeownership rates remain high – despite some recent trends towards purchasing homes with HELOCs instead of buying outright, most homeowners continue to own their homes;

5) The average homeowner has had their home for 10 years or more – long-term stability in the local economy and housing market helps ensure that home equity values will continue to rise over time.