35763, Owens Cross Roads, AL

When people think of home equity, they often think of the value of their home. However, there are other ways to measure home equity. One way to measure home equity is by looking at the amount of money that a homeowner has left over after paying off all of his or her debts and expenses related to the home. This figure is known as a homeowner's net worth.

According to the 2016 American Community Survey, Owens Cross Roads homeowners had a median net worth of $141,200. This means that half of all homeowners in this zip code had more net worth than this amount, while the other half had less net worth. The zip code with the highest median net worth in Alabama was Shelby County with a median net worth of $257,500.

Home prices in Owens Cross Roads have been on an upward trend for several years now. In January 2017, homes in this zip code were selling for an average price of $215,000. This is up from an average price of $191,000 in January 2016 and $179,000 in January 2015. Over the past five years (January 2013 through January 2017), homes have sold for an average price of $236,500 which is significantly higher than the statewide average price during this same time period ($172,400).

There are several factors that may be contributing to this trend including:

-The increasing demand for housing due to population growth and inflation

-The availability and decreasing cost of credit

-The low interest rates available on mortgages

-The improving economy Overall, it appears that Owens Cross Roads residents are benefitting from strong economic conditions and are able to purchase homes at a higher price than what was typical just a few years ago