28789, Whittier, NC

The 28789 zip code of Whittier, North Carolina is located in the southeastern part of the state and has a population of around 21,000. The median household income in this zip code is $50,000 and the median home value is $128,900. Over 60% of homes in this zip code are owner-occupied.

Home equity is an important part of many people's lives and it can be a powerful tool for financing long-term goals such as buying a home or starting a business. Home equity can also be used to pay off debt or save for retirement.

There are several factors that affect home prices and home equity in Whittier: local market conditions, interest rates, mortgage availability, property values, and demographic trends.

Local market conditions play an important role in determining how much homes in Whittier are worth. If there are more homes available for sale than buyers want to buy, prices will decline. Conversely, if there are too many homes available for sale (a " Seller's Market "), prices will increase because there is competition among buyers. Interest rates also play an important role in determining how much money people can borrow to buy a home or refinance their existing mortgage. When interest rates are high (as they were during the 2008-2009 recession), it becomes more expensive to borrow money to purchase a home or to refinance an existing mortgage. Property values also play an important role in determining how much people can afford to pay for a house or condo unit. Higher property values mean that people have more money available to spend on housing costs (such as taxes, insurance premiums, and repairs). Demographic trends such as increasing age populations and growth in urban areas tend to lead to higher demand for housing units and higher house prices overall. Conversely, decreases in population density (due to migration away from urban areas) and decreases in economic activity (due to recessionary periods) tend to leadto lower house prices overall