27517, Chapel Hill, NC

The 27517 zip code of Chapel Hill, NC is a densely populated area with a median household income of over $100,000. The home equity and home prices in this area are both very high. In fact, the median home value in this zip code is $269,900, which is more than double the national median home value of $130,000. This high level of home equity and home prices has led to a number of homeowners in the 27517 zip code being able to borrow large sums of money against their homes. For example, the average mortgage debt for homeowners in this zip code is $282,500.

One reason why the home equity and home prices in the 27517 zip code are so high is that there are a lot of wealthy residents living in this area. For example, approximately 38% of households in this zip code have incomes over $200,000 per year. Additionally, there are a lot of college graduates living in this area too. This means that there is an abundance of potential buyers who are willing to pay high prices for homes in this area.

Despite these positive factors, there are some risks associated with buying a home in the 27517 zip code. For example, if interest rates rise then borrowers who have taken out mortgages worth more than 5% or 6% APR will likely be struggling to make their payments. Additionally, if there was an economic downturn then many homeowners who took out mortgages backed by low-interest rates may find themselves unable to make their payments or facing foreclosure proceedings.