37350, Lookout Mountain, TN

The 37350 zip code of Lookout Mountain, TN has a population of just over 10,000 people. The median household income in this zip code is just under $60,000 and the median home value is just over $200,000. This means that the home equity in this zip code is quite high. In fact, according to Zillow’s recent report on home equity data, the average home equity in the United States is just over $130,000.

So why are home values in this zip code so high? There are a few reasons. First of all, Lookout Mountain is a very affluent area. The median household income here is well above the national average and the homes here are typically worth more than homes in other parts of Tennessee or even other parts of the country. Second, there are relatively few homes for sale in this zip code – only about 5% of all homes here are for sale – so buyers have plenty of opportunity to buy a house and increase their home equity accordingly. Finally, there is little competition for houses in this zip code – only about 2% of all homes here are sold each year – so buyers have plenty of room to negotiate a higher price for their house than would be possible if there were more houses available for sale at any given time.

Overall then, it seems that homeownership rates and home values in the 37350 zip code of Lookout Mountain are both quite high due to several factors including: affluent population; limited number of available homes for sale; low competition; and relatively high prices compared to other areas within Tennessee or across the United States as a whole.