21502, Cumberland, MD

The 21502 zip code of Cumberland, MD has a median home value of $132,000 and a median home equity value of $137,000. These values are significantly higher than the Maryland state median home value of $130,800 and the national median home value of $177,200. The high home values in the 21502 zip code may be due to its close proximity to Washington D.C., which has a high demand for housing and is known for having some of the most expensive real estate in the country.

Additionally, Cumberland is located in one of the most affluent counties in Maryland with a median household income of over $100,000. This may contribute to the high home values as well since wealthier households are more likely to have access to capital resources (e.g., savings accounts) that they can use to purchase homes or invest in property markets.

Despite these factors, there are still some homeowners who are struggling to afford their homes in the 21502 zip code. Approximately 10% of homeowners in this zip code have negative equity (i.e., their homes are worth less than what is owed on them), which indicates that they may be at risk for foreclosure if their mortgage payments continue to increase or if market conditions change negatively. Additionally, although prices have increased significantly over the past few years, it is possible that they could decrease again if there is an economic downturn or if interest rates rise significantly from their current low levels.