51351, Milford, IA

The home equity and home prices in the 51351 zip code of Milford, IA are very high. The median home value in this zip code is $269,000, which is more than double the median home value in Iowa as a whole. Additionally, the percentage of homes in this zip code that are owned outright is much higher than the statewide average of 54%. This indicates that there are a lot of people in this zip code who have a lot of equity in their homes.

One reason for this high level of equity may be the low unemployment rate in Milford. The unemployment rate here was 3.5% as of May 2017, which is much lower than the statewide unemployment rate of 4.1%. This low unemployment rate may be attracting people who want to buy homes but don’t want to worry about finding a job later on. Additionally, there are many jobs available in Milford that pay good wages.

Another factor that may be contributing to the high level of equity in homes here is the low interest rates currently being offered on mortgages. As of May 2017, mortgage rates were at historic lows and were not likely to rise any time soon. This means that homeownership opportunities are very attractive right now and people with good credit can get loans they would not be able to get otherwise.

Overall, it seems clear that there are a lot of reasons why homes values and home equity levels are high in the 51351 zip code of Milford, IA. It will be interesting to see how these trends continue over time and whether or not they lead to increased housing prices overall in this area