42642, Russell Springs, KY

Home Equity and Home Prices in the 42642 Zip Code of Russell Springs, KY

The zip code of 42642 in Russell Springs, Kentucky has a population of just over 4,000 people. The median household income is just over $40,000 which puts the zip code in the lower end of the income spectrum. However, home prices are much higher than average incomes in this area. As of March 2017, the median home value in this zip code was $128,500. This is more than double the statewide median home value of $60,000 and well above the national median home value of $81,500.

One reason for this high level of home values is that there are a limited number of homes available for sale in this zip code. There are only 85 homes listed for sale as compared to 1,848 homes listed for sale statewide and 3,904 homes listed for sale nationally. Additionally, there is a low level of inventory turnover which means that there are a limited number of new homes available for purchase each year. This situation is likely to continue because there is not enough demand to support an increase in inventory levels.

Another factor contributing to high levels of home values in this zip code is the fact that many homeowners have taken advantage of low interest rates over recent years by refinancing their mortgages multiple times. As a result, they have built up significant equity in their homes which gives them more bargaining power when it comes to selling their homes or negotiating new mortgage terms.