54451, Medford, WI

Home Equity and Home Prices in the 54451 Zip Code of Medford, WI

The 54451 zip code of Medford, WI has a median home value of $147,000. The majority of homes in this zip code are owner-occupied and have a mortgage. The average home value is higher than the Wisconsin median home value of $128,500. This may be due to the high concentration of college students who often need more money for housing than other residents. Additionally, many people in this zip code are wealthy enough to afford a higher home value.

Despite having a high median home value, there is still a significant amount of homeownership in this zip code. Nearly two-thirds (64%)of homes in this zip code are owner-occupied and have mortgages. This is lower than the Wisconsin homeowner rate of 69%. However, it is still higher than the national homeowner rate of 63%. This indicates that many people in this zip code are able to afford their homes despite having relatively high home values.

Another indicator that shows how well homeownership rates are performing in this zip code is the number of foreclosures and short sales. There have been very few foreclosures or short sales in this area over the past five years. This indicates that most homeowners here are able to keep their homes despite experiencing some financial hardship.

Despite having a high median home value and low foreclosure rate, there may be some potential risks associated with owning a home in this area. One risk is that interest rates could rise over time which would make it more difficult for homeowners to pay their mortgages on their homes . Another potential risk is that prices could decline which would make it harder for homeowners to sell their homes at an acceptable price . However, based on current trends it seems unlikely that either risk will materialize anytime soon .