58402, Jamestown, ND

Home Equity and Home Prices in the 58402 Zip Code of Jamestown, ND

There is no doubt that home equity is one of the most important assets a person can have. It gives people the ability to borrow money against their homes, pay off debt, and save for retirement. In addition, home prices are an important factor in determining a person's ability to buy a home or afford to keep up with payments on a mortgage.

According to the 2016 American Community Survey (ACS), the median value of single-family homes in the 58402 zip code was $128,500. This means that half of all homes in this zip code were worth more than $128,500. Additionally, since there are so many expensive homes in this zip code, it is likely that home equity is quite high for most people living here. In fact, according to Zillow's 2017 Home Value Index report (ZHVI), the average home value in this zip code increased by 7% from 2016 to 2017. This means that many people who live here are doing very well financially!

However, not everyone does well when it comes to home equity. Many people who live in expensive areas like this may find themselves struggling if their house values decrease significantly or if they cannot get a loan against their home equity anymore. For example, during the housing crisis of 2007-2009 many people who lived in areas like this lost a lot of their home equity as house values decreased dramatically nationwide. As a result, these individuals may have difficulty paying off debts or saving for retirement now because they do not have as much money available to them as they used to.