29577, Myrtle Beach, SC

The 29577 zip code of Myrtle Beach, SC has a population of around 103,000 people. The median household income in this zip code is $59,000 and the median home value is $213,500. This means that the home equity in this zip code is around $128,000.

There are a number of factors that affect home equity in a given area. These include the local economy, interest rates, and housing prices. In general, areas with stronger economies have higher home equity values because people can afford to buy more expensive homes. Conversely, areas that are experiencing economic downturns may have lower home equity values because people cannot afford to buy as many expensive homes.

Interest rates also play a role in determining home equity values. When interest rates are high (like they were during the housing crisis), it becomes more difficult for people to borrow money to purchase a house or to refinance their existing mortgage. As a result, homes that would otherwise be affordable become out of reach for many buyers due to high interest rates. Conversely, when interest rates are low (like they are now), it becomes easier for people to borrow money and buy houses or refinance their mortgages. This leads to higher home equity values in areas where borrowing costs are low (like Myrtle Beach).