34974, Okeechobee, FL

The 34974 zip code of Okeechobee, FL is located in Palm Beach County and has a population of approximately 10,000. The median household income in this zip code is $50,000 and the median home value is $225,000. Approximately 60% of households in this zip code own their homes outright while the remaining 40% are held by mortgage holders. Home equity in this zip code has increased by an average of 9.5% over the past five years.

There are a number of factors that contribute to the increase in home equity in 34974 zip code including: low interest rates (4%), strong job market (5th highest unemployment rate in Florida at 5%), and steady growth in the local economy (6th highest growth rate out of all Florida counties). Additionally, there has been an increase in demand for housing due to an influx of new residents (e.g., retirees) and an increase in families with children (e.g., dual-income couples). Despite these positive trends, there are some challenges that could impact home equity values including: increasing prices for commodities such as oil and gas; potential decreases in property values due to market saturation; and potential increases in interest rates which would make mortgages more expensive to pay off.