57469, Redfield, SD

Home Equity and Home Prices in the 57469 Zip Code of Redfield, SD

There is no doubt that home equity is one of the most important assets a person can have. Not only does it provide a cushion against unexpected financial challenges, but it also provides a measure of financial independence. In addition, home equity can be used to finance other investments or to help pay down debt.

According to the 2016 American Community Survey (ACS), the median home value in the zip code of 57469 was $151,500. This means that there are a variety of homes in this area worth anywhere from $50,000 to over $300,000. Additionally, since home values tend to rise over time, the median home value in 57469 is likely higher today than it was five years ago.

Given all these factors, it's no surprise that homeownership rates in 57469 are high. As of 2016, approximately 84% of households lived in owner-occupied homes compared to just 14% who lived in rental properties. Furthermore, nearly two-thirds (64%) of households owned their homes outright while just 16% held mortgages on their properties. Given these figures and the fact that home prices continue to rise across the country, it's safe to say that many people in this zip code are doing very well financially!