31061, Milledgeville, GA

In the 31061 zip code of Milledgeville, GA, home equity and home prices are both high. The median home value in this zip code is $247,000, which is significantly higher than the Georgia state median of $130,000. Additionally, the percentage of homes in this zip code that are owner-occupied is above the statewide average of 67%. This indicates that many people in this area are confident in their ability to maintain and/or increase their home values over time.

One reason for the high home values and homeowner confidence in this area may be the low unemployment rate. In October 2018, Milledgeville had an unemployment rate of 2.8%, which was lower than both the Georgia state average (3.9%) and national average (3.9%). Additionally, Milledgeville has a relatively low poverty rate compared to other areas of Georgia: 10% compared to 21% statewide and 26% nationwide. These factors may contribute to why more people are able to afford homes here than elsewhere in Georgia.

Despite these positive factors, there are some challenges facing homeowners in 31061. One issue is that there is a lack of available housing stock relative to population growth – specifically within price ranges where most homeowners reside. As a result, homeownership rates have been slowly declining since 2000 due to increasing demand from buyers who can afford more expensive homes but cannot find them available within their desired price range or who choose not to live in neighborhoods with large numbers of other homeowners because they fear potential noise or crime issues ( Milledgeville Neighborhood Association). Another challenge for homeowners is that interest rates have been historically low for much of the past decade – making it difficult for those who want or need to borrow money against their homes to do so at reasonable rates ( Georgia Mortgage Bankers Association). Finally, although Milledgeville has a relatively low poverty rate overall compared to other parts of Georgia – particularly when compared with metropolitan areas such as Atlanta – pockets within the city still experience high levels of poverty (Millsaps College). These pockets may be attributable partly due to socio-economic factors outside homeowner control such as joblessness or inadequate education opportunities ( Georgia Poverty Research Center). Taken together, these challenges suggest that while there are many benefits associated with living in 31061 – including strong homeowner confidence and stable prices – there are also some potential risks that should be considered before making any decisions about buying or selling a home here.