44240, Kent, OH

The 44240 zip code of Kent, OH has a population of around 36,000 people and is located in the southeastern part of the state. The median household income in this zip code is $75,000, which is above the national median household income of $59,000. The home equity in this zip code is around $225,000, which is higher than the national average home equity of $157,500. This indicates that there are a lot of homeowners in this zip code who are able to use their home equity to finance other expenses or investments.

One reason why home equity is so important in this zip code is because there are a lot of people who have taken out mortgages to purchase their homes. Around 60% of households in this zip code have taken out mortgages and 30% have used HELOCs (home equity lines of credit). This indicates that homeownership rates are high and that people here are able to borrow against their homes to get the money they need to buy or upgrade their homes.

Another reason why home equity is important in this zip code is because there are a lot of people who have invested their money into property values here. Around 45%of households own property outright and another 25% own property through partnerships or LLCs (limited liability companies). This indicates that there are a lot of people who believe in investing in property values rather than just using their home as an investment vehicle. Property values have increased over time due to strong demand from buyers and investors alike.