35757, Madison, AL

Home equity is a measure of the value of a home minus any outstanding mortgages or other debts on the property. In Madison, AL, home equity averaged $101,000 in 2016. This means that homeowners in the 35757 zip code had an average of $39,000 left over after paying off all their debts and obligations related to their homes.

This amount varies greatly from one homeowner to another, but it is still an important indicator of home values and homeowners' overall financial security. Homeowners who have plenty of equity in their homes are more likely to be able to sell them if they want or need to move, and they also tend to have less risk associated with owning a property. This is especially true in areas like Madison where prices are relatively stable and there is little chance that mortgage rates will rise significantly in the near future.

On the other hand, homeowners who don't have as much equity in their homes may find it harder to afford a large down payment on a new house or may struggle to keep up with rising monthly payments if interest rates increase. Additionally, if someone loses their job or experiences some other unexpected financial hardship, they may find it difficult to make ends meet without access to some form of housing assistance from the government or their lender.

Overall, home equity remains an important factor in determining how well people are doing financially – whether they're homeowners living in Madison or not.