39702, Columbus, MS

The 39702 zip code of Columbus, MS is located in the Mississippi Delta region and has a population of around 36,000. The median household income is $41,000 and the median home value is $130,000. Home equity in this zip code is very high compared to other areas of the country. In fact, according to Zillow, the average home equity in this zip code is $176,500. This high level of home equity can be attributed to several factors including low interest rates and strong job growth in the area.

One important factor that affects home values is interest rates. Since 2007, when the housing market crashed, interest rates have been at historic lows which has helped to increase home equity values in many areas across the country. In Columbus, MS specifically, interest rates are currently at 3%. This low rate makes it easier for people to borrow money against their homes and allows them to take advantage of rising prices without having to pay a large down payment or mortgage insurance premiums.

Another factor that has contributed to high levels of home equity in Columbus are strong job growth numbers. According to data from The Bureau of Labor Statistics (BLS), employment growth in Columbus has averaged over 2% over the past five years which has helped drive up demand for homes and increased prices accordingly. Additionally, since 2007 there have been over 1 million jobs created in Mississippi Delta region which has led to an influx of people into this area who are seeking housing options. As a result of these factors combined – low interest rates and strong job growth – homeownership rates in Columbus are among some of the highest in the nation at 73%.

Despite these positive trends however there are some risks associated with high levels of home equity as well. For example if there were a sudden decrease in demand for homes or if interest rates rose significantly then homeowners could find themselves struggling financially due to their large amounts invested in their homes. Additionally since most mortgages are based on a percentage of property value rather than an absolute dollar amount there could be significant consequences should prices decline significantly below what was owed on mortgages or if debt levels exceed available assets..