55308, Becker, MN

Home Equity and Home Prices in the 55308 Zip Code of Becker, MN

The home equity and home prices in the 55308 zip code of Becker, MN are very high. The median home value in this zip code is $269,000, which is more than triple the median home value in Minnesota as a whole. In addition, the percentage of homes that are worth more than their original purchase price is also very high in this zip code. For example, over half (55%) of homes in this zip code are worth more than their original purchase price. This is much higher than the statewide average of just over 30%.

One reason for this high level of home equity and home prices may be that there are a lot of wealthy people living in this zip code. The percentage of households earning over $200,000 per year is above the statewide average and there are also a lot of affluent retirees living here. These high levels of income may allow homeowners to spend more money on repairs or upgrades to their homes than would be possible if they were paying lower mortgage rates or rents. Additionally, many people who live in this zip code may have taken out mortgages with low interest rates long ago and have not had to pay much attention to inflation since then. As a result, their homes may still be worth a lot more today than they were when they originally bought them.