20817, Bethesda, MD

The 20817 zip code of Bethesda, MD has a median home value of $1,085,000. This is higher than the Maryland median home value of $540,000. The 20817 zip code also has a high home equity percentage at 116%. This means that the majority of homeowners in this zip code have more equity in their homes than the typical Maryland homeowner.

The main drivers of home equity are typically income and debt levels. In the 20817 zip code, households with incomes over $200,000 have a significantly higher home equity percentage than those with incomes below $100,000. This is likely due to the fact that these higher-income households are more likely to have paid off their debts and have more money left over to invest in their homes. Additionally, homeowners in this zip code who owe less on their mortgages tend to have a higher home equity percentage than those who owe more. This is likely due to the fact that these borrowers are more likely to be able to afford larger down payments and take longer periods to pay off their mortgages.

Despite having a high home equity percentage, there are still some areas within the 20817 zip code where homeownership is not as common as it is elsewhere in Maryland. For example, neighborhoods near public transportation or schools with lower test scores often have lower rates of homeownership. These areas may be attractive for renters because they offer cheaper prices compared to other parts of town but may not be ideal for long-term homeowners because they lack some of the amenities that come with owning a house outright.