47871, Riley, IN

The zip code 47871 in Riley, Indiana has a population of approximately 25,000 people. The median household income is $60,000 and the median home value is $135,000. Riley is a medium-sized city located in the Indianapolis metropolitan area. Home equity and home prices are important factors to consider when purchasing a home in this zip code.

Home equity is the difference between the market value of a home and the amount of money that a homeowner owes on their mortgage or loan. Home values have increased significantly over the past several years in this zip code. In 2007, the median home value was $107,500 and by 2016 it had increased to $135,000. This increase in home values can be attributed to several factors including increasing demand for homes due to an improving economy and low interest rates, as well as limited supply due to zoning restrictions that limit development near major cities such as Indianapolis.

Riley homeowners who have taken advantage of low interest rates over the past few years have seen their equity grow significantly. For example, if someone bought a house for $100,000 in 2007 with a 5% down payment and took out a mortgage worth $105,000 at 6%, their equity would be $10,500 after five years (assuming no additional expenses were incurred). If they sold their house today for exactly what they paid five years ago ($135,000), their equity would be more than doubled ($27,500). This illustrates how important it is for homeowners to stay current on their mortgage or loan payments so that they can maximize their equity potential.

Home prices are also affected by local market conditions and trends. In general, prices tend to rise faster than inflation across all markets nationwide but especially in high-demand areas such as suburban areas near major cities or affluent neighborhoods within those cities. In Riley specifically there has been an increase in demand for homes near downtown Indianapolis which has led to higher prices closer to town compared to other parts of Riley where development has been slower due to zoning restrictions limiting construction near major population centers. While there are some exceptions (for example properties close to I-65), generally speaking properties located within walking distance of downtown Indianapolis are more expensive than those located further away because there is greater demand for these types of residences among buyers and sellers alike.