60088, Great Lakes, IL

The 60088 zip code of Great Lakes, IL has a median home value of $128,000. The home equity in this zip code is $45,000. This means that the average homeowner in this zip code has over $60,000 in equity in their home. This is a higher percentage than the Illinois median of $50,000 and the national median of $63,500.

There are a number of factors that may contribute to the high equity levels in this zip code. One factor is that homes here are generally newer and have been well-maintained. Another factor may be the low unemployment rate here – which may make it easier for people to find good jobs and keep their homes worth more than they would otherwise. Additionally, there is a strong presence of small businesses in this area – which may also contribute to the high home values.

Despite these factors, there are still some homeowners who are struggling to maintain their home equity levels. For example, if someone loses their job or their income decreases significantly, they may find it difficult to make mortgage payments on their house and eventually lose it altogether. In addition, there is always the risk that interest rates could rise over time – which could cause homeowners’ equity levels to decline even further.

Overall though, homeownership rates in Great Lakes remain high compared to other areas of Illinois and nationwide – indicating that people here are generally confident about their ability to maintain or increase their home values over time.