34293, Venice, FL

When you think of home equity, what comes to mind? For many people, it is likely the value of their home minus any outstanding mortgages or other debts. In some cases, homeowners may also have money saved up in a separate account that they can access to pay down debt or use for other purposes.

According to Zillow, the median home value in Venice is $219,900. This means that approximately one-third of all homes in the 34293 zip code are worth more than $200,000. Additionally, the median price has increased by 3% over the past year and is now 2% higher than it was a year ago.

While this increase may not seem very high when compared to other areas of the country, it should be noted that Venice has seen much slower growth than many other parts of Florida over the past few years. In fact, according to Trulia’s analysis of data from Zillow and Realtor.com®, only two Florida cities have seen faster growth in home values over the past twelve months: Miami Beach (+8%) and Orlando (+6%).

In addition to price growth, another important factor affecting home equity is interest rates. Right now, mortgage rates are at historic lows – meaning that borrowing money against your house is cheaper than ever before. As a result, homeowners who have been able to keep their payments low may see their equity increase even further over time as their loan balance decreases.

Overall then, while there are certainly risks associated with owning a home – such as potential financial difficulties if prices decline – overall homeownership appears to be on an upswing in Venice right now and there seems to be plenty of room for further appreciation in coming years.