32428, Chipley, FL

Home Equity in the 32428 Zip Code of Chipley, FL

The average home equity in the 32428 zip code of Chipley, FL is $131,000. This is a decrease from the previous year when the average home equity was $137,000. The reason for this decrease may be due to a number of factors such as rising interest rates and stricter lending guidelines.

Chipley homeowners with a mortgage have an average mortgage balance of $191,000 which is an increase from the previous year when the average mortgage balance was $187,000. This increase may be due to increased home prices and refinancing activity.

In addition to mortgages, homeowners also have access to other types of loans such as home equity lines of credit (HELOCs). The average HELOC balance in the 32428 zip code is $111,000 which is an increase from the previous year when the average HELOC balance was $106,000. This increase may be due to increased consumer confidence and borrowing opportunities available through lenders.

Home prices in Chipley have been increasing steadily over the past few years and are currently at an all-time high. The median price for homes sold in 2017 was $269,500 which represents an increase of 9% from 2016 when the median price was $247,500. In addition to increases in home prices there has been an influx of new residents into Chipley who are seeking affordable housing options close to major cities like Pensacola and Mobile. These factors have contributed to increasing demand for homes within this zip code and has resulted in higher than normal prices for properties within this area.