33015, Hialeah, FL

The 33015 zip code of Hialeah, FL is located in Miami-Dade County and has a population of over 234,000 people. Home prices in this zip code have increased significantly over the past few years, reaching an all-time high of $527,000 in March of 2018. This increase in home prices can be attributed to a number of factors, including an influx of new residents and investment properties being sold.

Home equity is one important factor that affects home prices. Home equity is the difference between the value of a homeowner's property and their outstanding mortgage debt. As long as the homeowner maintains their home equity, they are able to borrow against it at lower interest rates than if they had no home equity at all. In addition, homeowners who have a high level of home equity are more likely to sell their homes quickly if they need to move for any reason.

Another factor that affects home prices is the availability of inventory. When there is a lack of available inventory, buyers are more likely to bid up the price of homes that are available for sale. Conversely, when there is too much available inventory (e.g., during a housing market crash), buyers are less likely to pay top dollar for homes and instead focus on purchasing homes that are closer to their budget range.