47909, Lafayette, IN

Home Equity and Home Prices in the 47909 Zip Code of Lafayette, IN

The zip code of 47909 in Lafayette, Indiana has a median home value of $137,000. This is higher than the Indiana median home value of $119,500. The zip code also has a lower than average percentage of homeowners with a mortgage at 66%. This is lower than the Indiana percentage of homeowners with a mortgage at 71%. The percentage of homeowners who owe more on their mortgages than their home values is also lower in this zip code at 5%. This is lower than the Indiana percentage of homeowners who owe more on their mortgages than their home values at 7%.

There are several factors that may contribute to these higher home values and low percentages of homeowners with mortgages in this zip code. One reason may be that there are many affluent families living in this area. These families may be able to afford to pay more for homes because they have extra money available to them. Another reason could be that there are not as many homes available for sale in this area as there are in other parts of Indiana. Therefore, it may take longer for someone looking to buy a home in this area to find one that meets their needs. Finally, some people may choose to buy a home even if they do have a mortgage because they believe that prices will continue to rise over time and they will eventually be able to sell their house for more money.