46516, Elkhart, IN

The 46516 zip code of Elkhart, IN has a median home value of $135,000 and a median home equity value of $111,000. These values are higher than the Indiana statewide median home value of $122,500 and the national median home equity value of $130,000. The 46516 zip code also has a lower homeownership rate than both Indiana and the nation. In 2016, only 54% of households in the 46516 zip code owned their homes outright while 36% rented. This compares to 68% homeownership in Indiana and 49% homeownership nationwide.

One reason that the 46516 zip code has a higher home equity value than other areas is that it has a high concentration of families with children under 18 years old. This demographic is more likely to have saved money up over time and be able to afford a larger down payment on a house than families without children or those with older children. Additionally, Elkhart is an area with high wages which allows for people to save more money overall.