32926, Cocoa, FL

Home Equity and Home Prices in the 32926 Zip Code of Cocoa, FL

The home equity and home prices in the 32926 zip code of Cocoa, FL are very high. The median home value in this zip code is $527,000, which is more than double the national median home value of $177,500. Additionally, the percentage of homes that are owned outright is high in this zip code at 82%. This indicates that most residents here have a lot of equity in their homes.

One reason for this high level of equity may be because there are a lot of affluent residents living in the 32926 zip code. The median household income here is $157,500, which is well above the national median household income of $53,046. Additionally, there are a lot of jobs available here that pay well above the national average wage. For example, the average wage for jobs in the healthcare sector is $86,000 per year.

This high level of wealth and job security may help to explain why home values and homeownership rates are so high in this zip code. In fact, nearly three-quarters (72%)of homes here are owned outright by their occupants rather than being rented or leased. This indicates that many residents here have a great deal of confidence in their ability to keep their homes regardless of market conditions.

While it's likely that prices will continue to rise in this zip code due to its strong economy and high levels of homeownership rate, it's important to remember that not everyone can afford these prices. For example, only about one-third (34%)of households earning less than $30K per year own their homes outright compared to nearly half (48%)of households earning over $100K per year who own their homes outright. Thus while homeownership rates are high overall in this area, they do not reflect equally across all socioeconomic groups