40214, Louisville, KY

The 40214 zip code of Louisville, KY has a median home value of $137,200 and a median home equity value of $106,000. These values are significantly higher than the national median home value of $81,500 and the national median home equity value of $100,000. The high home values in this zip code are likely due to the strong economy and high demand for housing in Louisville.

Despite the high home values in this zip code, homeownership rates in 40214 are below the national average. In 2016, homeownership rates in this zip code were 58.8%, which is lower than the 67.4% homeownership rate nationwide. This indicates that many potential homeowners in 40214 are not able to purchase homes due to their low incomes or lack of credit history.

Homeowners who do purchase homes in 40214 often do so using a combination of cash and financing options. The average mortgage amount for homes purchased in this zip code is $183,600, which is above the national average but below the peak mortgage amount reached during the housing crisis (in 2008). Additionally, many homeowners use HELOCs (home equity loans) to supplement their primary mortgage payment or to cover short-term financial needs. As long as borrowers maintain good credit ratings and keep up with their monthly payments, HELOCs can be a valuable tool for homeownership stability and financial security.