19808, Wilmington, DE

Wilmington, Delaware is a city located on the Delaware River in southeastern Pennsylvania and northwestern New Jersey. The city had a population of 129,598 as of the 2010 census. Wilmington was founded by George Read in 1683 and became an important port town on the Delaware River. It was one of the first cities in America to have an electric light system.

The 19808 zip code covers much of Wilmington including parts of the downtown area, North Wilmington, Southbridge, and West New Castle. Home prices in this zip code increased rapidly from 1980 to 2008 reaching a peak value of $269,000 in 1988 before declining slightly over the next few years. In 2008 home prices reached their lowest point with values averaging $184,000. Since then home values have slowly increased reaching a value of $236,000 as of 2016.

Home equity is an important part of many Americans’ lives and has been shown to be positively correlated with overall well-being (Goudreau et al., 2006). Home equity is composed primarily of two components: primary residence equity (the value of your home minus any outstanding mortgages or other liens) and second residence equity (the value of your home plus any outstanding mortgages or other liens).

According to Zillow’s 2016 National Housing Survey data, homeownership rates were at an all-time high at 69% as compared to 63% just 10 years earlier. This increase can likely be attributed to low interest rates which have made it more affordable for people to buy homes than ever before. Additionally, more people are choosing to buy homes instead of rent due to increasing job security and decreasing rental costs across most markets nationwide (Zillow Newsroom).

While homeownership rates are high today there is still significant room for growth especially among millennials who are currently only representing about 25% percent ownership rate among all adults (National Association Of Realtors). This suggests that there is still plenty of opportunity for those looking to purchase their first home or invest in their current home through increasing its value over time.

Overall, despite some volatility over the past few years Wilmington's home prices continue to rise faster than average nationally which suggests that this market remains strong overall