24572, Madison Heights, VA

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. In Madison Heights, VA, the average home equity was $137,000 in 2016. This means that homeowners in this zip code had more than 12% of their home's market value left on their mortgage.

The average price of a home in Madison Heights was $269,700 in 2016. This means that homeowners in this zip code earned an annual return on their home equity of 7.5%. Home prices have increased by 3% annually over the past three years, which is faster than the national average rate of 2.1%.

There are several factors that contribute to the high rate of return on home equity in Madison Heights:

-The area has a low unemployment rate (3%) and strong economy (GDP growth of 3.4% from 2014-2016).

-The median household income is above the national average ($72,000).

-There is minimal foreclosure activity in Madison Heights (0 out of every 1000 homes).

-The percentage of homes owned by investors is below the national average (10%).

These factors suggest that homeowners here are able to generate healthy returns on their investments by owning homes outright or through mortgages with low interest rates.