21842, Ocean City, MD

Ocean City, MD is located in Worcester County and has a population of just over 30,000 people. The 21842 zip code covers a total area of just under 10 square miles and has a median home value of $269,000. Home equity in the 21842 zip code has been increasing steadily over the past few years, reaching an all-time high of $318,000 in 2016. This trend is likely to continue as Ocean City continues to experience strong economic growth.

The main drivers of home equity growth in the 21842 zip code are strong job growth and rising incomes. Over the past few years, Ocean City has seen significant job growth thanks to its position as a major tourist destination. As more people move into the area and earn higher incomes, they are able to invest more money into their homes and increase their home equity values accordingly.

While home equity is an important source of wealth for many homeowners in the 21842 zip code, it is not without risks. If interest rates rise or if the market crashes, homeowners could find themselves facing serious financial difficulties. It is important for homeowners in the 21842 zip code to have a solid understanding of their mortgage obligations and how those obligations relate to their home equity value so that they can make informed decisions about how best to use their assets.