46320, Hammond, IN

Hammond, Indiana is located in the 46320 zip code. Hammond has a population of around 20,000 people. The median household income in the 46320 zip code is $60,000. The median home value in the 46320 zip code is $145,000.

Home equity and home prices are important factors to consider when purchasing a home. Home equity refers to the value of a homeowner's home minus any outstanding mortgages or other debts on that property. Home prices reflect the market value of homes in a given area and can be affected by many factors including interest rates, supply and demand, and local economic conditions.

According to Zillow, as of March 2019 the median home value in Hammond was $145,000 which is up 5% from March 2018. The average list price for homes sold in Hammond during March 2019 was $158,500 which is also up 5% from March 2018. In terms of monthly change, Zillow reports that between January 2019 and March 2019 there was an increase of 2%. This indicates that there may be some stabilization or even growth happening within the housing market within this specific zip code area over time- something to keep an eye on!

When looking at long-term trends it's important to consider both home equity and home prices because they can provide valuable insights into how well (or not) the local housing market is performing overall. According to Zillow's Home Value Index (HVI), which measures year-over-year change in residential values across all markets nationwide*, between January 2000 and December 2018 Hammond had an annualized rate of 2%. This means that over this period of time homeowners' equity increased by 2% each year on average while their house prices remained relatively stable (+/-).

The HVI provides an interesting perspective on how homeowners are faring relative to other areas throughout the country; while homeownership rates have been slowly declining nationwide since 2007 (currently at 63%), Hammond still has one of the highest homeownerhip rates among cities with populations greater than 100k*. *Zillow