47282, Vernon, IN

The 47282 zip code of Vernon, IN, has a median home value of $137,000 and a median home equity of $117,000. This is significantly higher than the Indiana statewide median home value of $101,500 and the national median home value of $177,200. The majority (84%) of homes in the 47282 zip code are owner-occupied while 16% are occupied by renters. Home values in Vernon have increased significantly over the past decade, rising from $107,000 in 2006 to their current level.

One factor contributing to this trend is that Vernon is located in one of the most desirable areas in Indiana. The city has a population of just over 25,000 people and is only 20 minutes from downtown Indianapolis. Additionally, Vernon benefits from being close to major highways and commercial centers such as Carmel and Fishers.

Despite these factors, there are some challenges facing homeowners in the 47282 zip code. One issue is that there is a limited supply of homes for sale compared to demand; this has resulted in prices increasing faster than average incomes over the past few years. Additionally, many homeowners have taken out mortgages or other forms of debt to purchase their homes which may limit their ability to sell or refinance if they need to downsize or relocate for any reason.