28367, Norman, NC

The 28367 zip code of Norman, NC is located in the southeastern part of the state and has a population of about 27,000. The median household income in this zip code is $50,000 and the median home value is $175,000. Home equity in this zip code has increased by about 25% over the past five years.

One reason for this increase in home equity may be that there are relatively few homes for sale in this zip code. In fact, only 2 out of every 100 homes for sale are currently available. This low availability rate may be due to the fact that many homeowners who live in this zip code have taken advantage of the recent appreciation in home values to refinance their mortgages or purchase new homes. Additionally, many people who live in this area are likely retired and have enough money saved up to buy a home even if there are not many available options available.

Another factor that may contribute to the increase in home equity within the 28367 zip code is that interest rates have been relatively low over the past few years. This low interest rate environment has made it more affordable for people to borrow money to purchase a home or refinance their mortgages. Additionally, many people who live in this area earn good salaries and do not need as much money as they used to spend on monthly expenses such as rent or mortgage payments. As a result, they may be able to afford to pay off their mortgage faster than if interest rates were higher.