58482, Steele, ND

Steele, ND is located in the southwestern corner of North Dakota and has a population of just over 2,000 people. The 58482 zip code covers just over 1 square mile and has a median home value of $128,000. Home equity in Steele is relatively low compared to other areas of the country. In 2016, the average home equity for all zip codes in the United States was $191,200. Steele's median home equity is only $64,000 which means that there are a lot of homes in Steele that are worth less than their mortgages.

One reason that home equity is lower in Steele than elsewhere is because there are fewer homes available for sale. The number of homes sold per year in Steele is about half the national average and the number of homes available for sale has been declining since 2007. This shortage of available homes has led to high prices and low home equity values.

Another reason why home equity values are low in Steele is because there are a lot of homeowners who have taken out large mortgages on their homes. About two-thirds (67%)of all households in Steele have a mortgage which means that they owe more money on their house than it is worth. This situation will continue to be difficult to change because interest rates have been very low for many years and borrowers cannot easily get loans with better terms elsewhere.