58012, Casselton, ND

Casselton, ND is located in the 58012 zip code. According to the 2010 census, the population of Casselton was 2,811. The median household income in Casselton was $47,722 and the median family income was $51,913. In 2008, home prices in Casselton were $119,000. As of March 2013, home prices in Casselton were $128,000.

Home equity is a key factor in homeownership and home prices. Home equity is the difference between what a homeowner owes on their mortgage and what their house is worth. When a homeowner has more than enough equity in their home to cover any potential losses they may experience on their mortgage (and any other debts they may have), they are said to have "home equity."

The amount of home equity that a homeowner has can vary significantly based on many factors including the age of the house, its location and condition, and whether or not it has been updated over time. However, generally speaking homeowners with more home equity are more likely to stay in their homes for longer periods of time and are less likely to need to take out a new mortgage when they want to sell or refinancing their current mortgage.

One reason that home prices tend to rise over time is that as more people get into homes with higher levels of equity (and fewer people who need to borrow against their homes), there is increased competition for homes available for sale. This increased demand drives up prices even further because there are fewer houses available for purchase at lower price points (which would be desirable for buyers who don't have as much money saved up). Additionally, if interest rates go down then it becomes cheaper for someone who doesn't already own a house to buy one – which also contributes positively towards increasing housing values overall since more people will be able to afford houses even if they don't have as much money saved up upfront (since interest payments will now be lower). Homeownership rates continue going up even when interest rates start going down because there's always an influx of first-time buyers looking into buying houses during periods where interest rates are low – this helps keep housing values high overall since there's always someone willing and able to buy a house at any given point in time (assuming that the property meets all other requirements).