44721, Canton, OH

The home equity and home prices in the 44721 zip code of Canton, OH are among the highest in the state. The median home value in this zip code is $269,000, which is more than double the statewide median home value of $116,000. Additionally, the percentage of homes in this zip code that are owned outright is among the highest in Ohio at 97%. This high level of ownership may be due to the many affluent families who live in this area or it may be indicative of a strong economy and stable housing market.

Despite these high levels of home equity and prices, there are still a number of homeowners who are struggling to afford their mortgages. According to Zillow’s 2018 Home Value Index report, approximately 21% of households in this zip code have a mortgage that exceeds 90% of their home’s value. This percentage is much higher than the statewide average mortgage-to-homevalue ratio of 14%. In order to address these high levels of debt and prevent further financial stress for homeowners, policymakers should consider implementing measures such as increasing access to affordable housing or increasing taxes on luxury properties.