40351, Morehead, KY

The 40351 zip code of Morehead, KY has a median home value of $128,000 and a median home equity value of $111,000. These values are above the national median home value of $77,500 and the national median home equity value of $106,800. The 40351 zip code is also above the Kentucky median home value of $101,200 and the Kentucky median home equity value of $122,700.

The 40351 zip code has a high concentration of homeowners with a homeownership rate of 92%. This rate is above the national homeownership rate of 68% and the Kentucky homeownership rate of 78%. The high concentration of homeowners may be due to the strong economy in Morehead, KY which has led to an increase in housing prices. Additionally, Morehead is a desirable location with plenty to do including golfing at nearby Eagle Pointe Country Club and skiing at nearby Mammoth Mountain Resort.

Morehead residents have been able to benefit from strong economic growth over recent years. The unemployment rate in Morehead was 2.5% as recently as 2016 compared to 4% nationally. Additionally, Morehead's GDP per capita was higher than both the Kentucky and U.S. averages in 2016 according to data from The Economic Development Research Institute (EDRI). These factors may contribute to why more than 92%of homes in the 40351 zip code are owned by their occupants compared to only 66% nationwide and 73% in Kentucky.