55744, Grand Rapids, MN

The Grand Rapids zip code 55744 has a population of around 130,000 people and is located in the western part of the state of Minnesota. The median household income in this zip code is around $60,000 which is lower than the national median household income of $59,445. The homeownership rate in this zip code is around 63% which is lower than the national homeownership rate of 69%. The percentage of homes that are valued at less than $100,000 is around 25% which is higher than the national percentage of 18%. The percentage of homes that are valued at more than $250,000 is around 10% which is lower than the national percentage of 12%.

Home equity in this zip code has been increasing over the past few years. In 2017, home equity was worth an estimated $191,200. This increase was due to an increase in home prices and a decrease in interest rates. Home prices have increased by an estimated 7.5% since 2016 and interest rates have decreased by 0.5%. This has led to a decrease in monthly payments for homeowners who have mortgages and an increase for those who have home equity loans or lines of credit. Over the past five years, home equity has increased by an estimated 27%.

There are several factors that may be contributing to this increase in home equity values. One reason may be that there are more homes being built now than ever before which means there are more homes available for purchase. Another reason may be that many people are refinancing their mortgages or taking out new home equity loans or lines of credit which allows them to pay off their debts faster and save money on their monthly payments. Additionally, many people are using their home equity to buy property outside of their own zip code which can also lead to increases in home values due to demand from buyers and competition among sellers.