56236, Dumont, MN

Home Equity in the 56236 Zip Code of Dumont, MN

In the 56236 zip code of Dumont, home equity is a valuable asset. According to Zillow, the median home value in this zip code is $187,500. This means that almost half of all homes in this zip code are worth more than $100,000. Additionally, nearly two-thirds (64%) of homes in this zip code are worth more than $200,000. These high home values reflect the strong economy and stable housing market in Dumont.

Home prices have increased significantly over the past few years in the 56236 zip code of Dumont. According to Zillow’s Home Price Index (HPI), prices rose by an average of 6% from March 2016 to March 2017. This was faster than the national average increase of 4%. The increase in home prices has led to an increase in home equity for residents of the 56236 zip code. As shown by Zillow’s Home Value Index (HVI), median home value increased by an average of 9% from March 2016 to March 2017. This was much higher than the national average increase of 3%. These high levels of home equity indicate that homeownership rates and demand for property in the 56236 zip code are high and stable.

The stability and growth of home values over recent years has led to a rise in homeownership rates and demand for property in Dumont. As shown by Zillow’s Home Ownership Rate Index (HRI), homeownership rates rose from 66% as measured at December 2015 to 67% as measured at December 2016 – a 0.1 percentage point increase overall since December 2015 (Zillow). Additionally, as measured by Zillow’s Renters Rate Index (RRI), renters rate increased from 61% as measured at December 2015 to 63% as measured at December 2016 – also a 0.1 percentage point increase overall since December 2015 (Zillow). These increases show that there is strong demand for property within the 56236 zip code and that many people are now owning their homes instead of renting them. This stability and growth indicates that homeownership rates and demand for property will continue to be high within this area over time