33898, Lake Wales, FL

Home Equity and Home Prices in the 33898 Zip Code of Lake Wales, FL

The home equity and home prices in the 33898 zip code of Lake Wales, FL are very high. The median home value in this zip code is $269,000, which is more than triple the national median home value of $123,500. Additionally, the average home equity loan-to-value ratio in this zip code is 97%, which is significantly higher than the national average of 63%. This indicates that many homeowners in this zip code have a lot of equity in their homes.

One reason for this high level of equity may be that there are a lot of wealthy residents in this zip code. The median household income here is $101,000, which is much higher than the national median household income of $53,046. Additionally, there are a lot of affluent families living here. The percentage of families with incomes over $200,000 is 38%, which is much higher than the national percentage of 23%. This indicates that many homeowners here can afford to borrow money to increase their home's value.

Another factor that may contribute to high levels of equity in homes in this zip code are low interest rates. The interest rate on mortgages here was 3.5% as of February 2017, which was lower than the national average interest rate on mortgages (4%). This means that homeowners here can borrow money at relatively low rates to increase their home's value.