46960, Monterey, IN

The 46960 zip code of Monterey, IN, is located in the northwest corner of the state and includes a population of approximately 9,000. The median household income in this zip code is $68,000 and the median home value is $223,500. Home equity in this zip code has increased by 5% over the past year and home prices are up by 3%.

There are a number of factors that contribute to the increase in home equity and home prices in Monterey. One reason is that there has been an increase in jobs throughout Indiana since 2012. This has led to an increase in wages which has allowed more people to purchase homes. Additionally, there has been an increase in demand for homes due to an aging population and increasing families size. Finally, there have been limited opportunities for new housing construction within this zip code which has driven up prices.

Despite these positive trends, there are some challenges that could impact home values and home equity within the 46960 zip code over time. One potential issue is if interest rates rise above current levels which could lead to a decrease in homeownership rates as well as a decrease in home values. Another potential issue is if there are any major changes made to zoning laws or regulations which could impact how easily homes can be sold or rented.