45340, Maplewood, OH

The 45340 zip code of Maplewood, OH is located in the Cleveland metropolitan area. The median home value in this zip code is $137,500. This means that the majority of homes in this zip code are worth at least $137,500. In addition, the average home equity loan amount in this zip code is $106,000. This means that most homeowners in this zip code have at least some equity in their homes.

One reason why home values are high in the 45340 zip code of Maplewood is because there are a lot of affluent residents living here. In fact, approximately 36% of households earning over $100,000 annually live in this zipcode. Additionally, many new homes being built here are luxury homes with prices starting at around $200,000 and going up to $600,000 or more. Therefore, it is not surprising that the median home value is so high given the mix of homeowners and buyers who reside here.

Another factor that contributes to high home values in the 45340 zip code of Maplewood is that there has been a lot of growth here over the past few years. For example, between 2010 and 2015 alone there was a 10% increase in population within this zipcode! This growth has led to an increased demand for housing which has helped to drive up prices. Furthermore, many new businesses have opened up within this area which also adds to demand for housing and property values.

Despite these positive factors contributing to high home values within the 45340 zip code of Maplewood, there are also some risks associated with owning a home here. For example, if someone does not have enough money saved up to cover their mortgage payments if something happened such as an illness or job loss then they could be faced with foreclosure or other financial difficulties down the road. Additionally, if interest rates go up then their monthly mortgage payment could become much higher than they anticipated which could also lead to financial difficulties down the road. However overall it appears that homeownership rates and home values are very high within this particular ZIP Code so it would be prudent for anyone considering purchasing a house or condo here to do their research first!