42420, Henderson, KY

The 42420 zip code of Henderson, KY is home to a population of around 116,000 people. The median household income in this zip code is around $60,000, which is significantly lower than the national median household income of $59,000. Additionally, the homeownership rate in this zip code is just over 60%, which is lower than the national homeownership rate of 67%.

One reason that homeownership rates in this zip code are lower than the national average may be due to the high level of home equity that residents have in this area. As of 2016, the median home value in this zip code was $154,500. This means that nearly half (47%) of all households in this zipcode have at least $154,500 worth of equity in their homes. This level of equity is much higher than the national average and indicates that many residents here are very confident about their ability to maintain their homes and keep them within their budget.

Despite having such a high level of home equity, however, homeownership rates in this area have been slowly declining over the past few years. In 2016, homeownership rates were 61% compared to 66% five years earlier and 73% ten years ago. It seems likely that part of the reason for these declines may be related to rising interest rates – as interest payments on mortgages increase over time it becomes more difficult for some people to afford a home even with high levels of home equity.