28906, Murphy, NC

Murphy, NC is located in the southwestern corner of North Carolina and has a population of just over 10,000 people. The 28906 zip code covers just over 1 square mile and has a median home value of $119,000. Home equity in this zip code is relatively low compared to other areas of the country. In fact, only about one-third of households in this zip code have any home equity at all.

One reason for this low level of home equity may be that Murphy is a relatively new community. It was founded in the early 1990s and only began to grow rapidly after the housing market crashed in 2008. As a result, there are not many homes available for sale or rent in this zip code and those that are tend to be more expensive than average. This means that most households here have to rely on their home equity to finance their purchases or repairs.

Despite these limitations, there are some positive aspects to having low levels of home equity. For one, it can make it easier for households to get approved for loans they might not otherwise be able to get approved for. Additionally, it can help households save money by reducing their monthly payments on loans or mortgages. Finally, having some degree of home equity can provide some security and peace of mind when times are tough – especially if you don’t need access to your home's cash value right away (like many people do when they sell their homes).