37406, Chattanooga, TN

The 37406 zip code of Chattanooga, TN has a population of around 128,000 people. The median household income in this zip code is $50,000 which is lower than the national median household income of $53,046. The percentage of households that are owner-occupied is lower than the national percentage of owner-occupied households at around 66%. Around one-third of households in this zip code have a mortgage which is higher than the national percentage of mortgages at around 30%. Home equity in this zip code is around $130,000 which is lower than the national average home equity of $217,500.

There has been an increase in home prices over the past five years in this zip code. In 2013, home prices were around $145,000 and they have increased by an average of 9% each year since then. This means that home prices have increased by more than twice as much as inflation during that time period.

There are a number of reasons why home prices have increased so much in this zip code over the past five years. One reason may be that there are a lot more jobs available here now compared to when the housing market crashed back in 2008. Another reason may be that there are a lot more people moving into this area now because it has become more affordable compared to other areas nearby. Finally, there may be some bidding wars going on due to limited inventory and strong demand from buyers who want to get into these homes quickly.

Despite all these positive factors contributing to increasing home values, there are also some potential risks associated with buying a house here right now. One risk could be if interest rates go up significantly from where they currently stand and make it harder for people to afford their mortgages payments or if another major economic recession hits and causes unemployment rates to rise even further which would lead to fewer people being able to afford homes even if their mortgages were still affordable.