30747, Summerville, GA

Home Equity in the 30747 Zip Code of Summerville, GA

In the 30747 zip code of Summerville, GA, there are an estimated 1,814 homes with a value of $200,000 or more. This equates to a home equity rate of 18.7%. The average home equity rate in the United States is 14.4%.

The average home price in the 30747 zip code is $236,900. This is higher than the national average of $217,500 and also higher than the median price of $210,000 for all zip codes in Georgia.

The reason for this high home equity rate in the 30747 zip code may be due to its high population density (more than 2 people per square mile) and its relatively low unemployment rate (3%). Additionally, Summerville has been experiencing strong growth over the past few years; this may have contributed to increased demand for housing and consequently increased prices.

Despite these positive factors, it's important to keep in mind that not everyone can afford to purchase a home at these prices. In fact, according to Zillow's 2018 Home Value Index report , only about one-third (34%) of households in Summerville can afford a median-priced home at market rates. This means that many residents are likely living paycheck to paycheck or are borrowing against their homes in order to buy them outright.

Overall, despite some challenges (high prices and limited affordability), homeownership remains an important part of American society and is likely helping contribute to overall economic stability and prosperity nationwide.