32904, Melbourne, FL

The 32904 zip code of Melbourne, FL has a median home value of $161,000 and a median home equity of $101,000. This is a relatively high home value for the area and indicates that there are many homes in this zip code that are worth more than the average. Additionally, the median home equity in this zip code is higher than the national average of $77,500. This indicates that there are many homeowners in this area who are very confident in their ability to pay off their mortgages.

One reason why the 32904 zip code has a high home equity rate is likely because there is a high concentration of affluent residents here. The majority (60%) of households in this zip code have an income above $75,000 per year, which is significantly higher than the national average of 33%. This means that homeowners in this area have plenty of money available to invest in their homes and increase their equity rates over time.

Another factor that may contribute to the high home equity rate in the 32904 zip code is its low foreclosure rate. Only 2% of homes here were foreclosed on during 2016, which is much lower than the national foreclosure rate of 5%. This indicates that homeowners here are generally able to keep their homes despite difficult economic times.

Overall, it appears that homeownership and home equity rates in the 32904 zip code are both relatively high compared to other areas around Florida. This suggests that people living here are confident about their ability to maintain or increase their property values over time.