55912, Austin, MN

Home Equity and Home Prices in the 55912 Zip Code of Austin, MN

The home equity and home prices in the 55912 zip code of Austin, MN are very high. The median home value in this zip code is $269,000, which is more than double the national median home value of $130,000. Additionally, the percentage of homes that are owned outright by their occupants is very high at 97%. This means that a majority of homes in this zip code are owned by their occupants rather than being rented or leased. This high level of homeownership contributes to the high levels of home equity and home prices in this zip code.

Another factor that contributes to the high levels of home equity and home prices in this zip code is the low level of unemployment here. The unemployment rate here is only 3%, which is much lower than the national average unemployment rate of 6%. This low level of unemployment means that there are a lot more people who can afford to buy a house outright or borrow against their house to increase its value.

Overall, it can be said that the high levels of home equity and home prices in this zip code are due to a combination of factors including the high level homeownership rate, low level unemployment rate, and low level inflation rates.