32403, Panama City, FL

The 32403 zip code of Panama City, FL is located in Bay County and has a population of approximately 36,000. The median household income in the 32403 zip code is $41,000 and the median home value is $128,000. The average home equity loan amount in the 32403 zip code is $101,500.

Since 2007, the average home value in the 32403 zip code has increased by 54%. Over that same time period, the average home equity loan amount has increased by 116%. This indicates that homeowners are taking advantage of available credit to purchase homes at a higher price than they would have been able to otherwise.

There are several factors contributing to this increase in home values and home equity loans in the 32403 zip code. One reason is that Panama City has experienced an influx of families moving into the area since 2007. These new residents are likely investing their money into homes rather than renting them out or spending it on other things. Additionally, Panama City has seen an increase in jobs and wages over that same time period which means that people can afford to buy more expensive homes without having to worry about making large monthly payments.

Despite these positive trends, there are still some risks associated with buying a home in the 32403 zip code. One risk is that interest rates could rise over time which would make it more difficult for homeowners to pay off their loans. Another risk is that a housing market crash could occur which would cause prices to decrease and lead to more people defaulting on their mortgages. However, overall it appears that homeownership and access to affordable credit are both growing stronger in the 32403 zip code of Panama City so long as interest rates stay low and there are no major economic shocks affecting the area