33853, Lake Wales, FL

Lake Wales, FL is located in Polk County and has a population of just over 30,000. The 33853 zip code covers just over 2 square miles and has a median home value of $101,200. Home equity in the 33853 zip code has increased by almost 50% since 2007, when the median home value was $75,000. In addition to increasing home values, the 33853 zip code also experienced an increase in home equity loans during this time period.

There are many factors that contribute to the increase in home equity in Lake Wales. One reason is that the area has seen steady growth since 2007 and there are more people moving into the area than leaving it. Additionally, many people who live in Lake Wales have taken advantage of low interest rates on home equity loans to boost their net worth. Finally, Lake Wales is a relatively affluent area and there is a high demand for homes that are priced at or above average levels.

Despite these positive trends, there are some risks associated with investing in home equity. If interest rates rise significantly from their current levels or if the market for homes in Lake Wales changes dramatically, then homeowners could experience significant losses on their investments. In addition, if someone were to lose their job or suffer other financial setbacks, they might not be able to afford to pay off their mortgage or loan on their home equity investment quickly enough to avoid foreclosure proceedings or other negative consequences.