56069, Montgomery, MN

Montgomery, MN is located in the southeastern corner of Minnesota and has a population of just over 30,000. The 56069 zip code covers a total area of just over 10 square miles and has a median household income of $60,000. Home prices in the 56069 zip code have increased significantly over the past several years, reaching an all-time high of $269,900 in March of 2016. Home equity in the 56069 zip code has also increased significantly over this time period, reaching an all-time high of $187,600 in March of 2016. However, home prices have since decreased slightly and home equity now stands at $175,200.

One reason for the significant increase in home prices and home equity in the 56069 zip code is that Montgomery is experiencing strong growth both economically and demographically. The city's unemployment rate is currently below 3%, which is well below the national average unemployment rate of 4%. Additionally, Montgomery has seen an influx of new residents due to its proximity to Minneapolis and St. Paul as well as its strong educational institutions (including two universities). These factors are contributing to rising demand for housing stock and consequently increasing home prices and home equity values throughout Montgomery.

While there are many factors contributing to the increase in home prices and home equity values in Montgomery, one important factor is likely access to creditworthy borrowers who can afford these higher costs. In recent years, there has been a rise in interest rates across all markets which makes it more difficult for potential homeowners to obtain mortgages with low down payments or no down payment at all. As a result, many buyers are turning to alternative financing options such as borrowing against their homes' equity instead. This trend may continue as interest rates continue to rise across markets nationwide; if so then homes with greater levels ofhome equity will continue to be more attractive investments for buyers than those with lower levels ofhome equity."