38469, Loretto, TN

The 38469 zip code of Loretto, TN has a median home value of $161,000. This is significantly lower than the national median home value of $205,000. The majority of homes in this zip code are owned by individuals or families. Home values have decreased over the past few years due to a number of factors including low demand and increased competition from other areas.

Despite the decrease in home values, many homeowners in this zip code are still able to afford their homes. In fact, nearly two-thirds (63%) of households in this zip code own their homes outright. Another one-third (33%) owns their homes with a mortgage and only 1% owes more than their home's value. This indicates that most homeowners in this area are able to pay off their mortgages within 10 years or less.

While homeownership rates are high in this area, there is still room for improvement. For example, only 58% of households have enough money saved up to cover at least six months' worth of living expenses if they lost their job overnight. This is lower than the national average of 63%. Additionally, only 38% of households have enough money saved up to cover at least one year's worth of living expenses if they lost their job overnight. These numbers suggest that many residents may not be prepared for a financial emergency and could face difficulty finding new employment if they lose their job or experience other unexpected financial setbacks.