60152, Marengo, IL

Marengo, IL is located in the south-central part of the state and has a population of just over 20,000. The 60152 zip code covers just over 2 square miles and has a median home value of $135,000. Home equity is important to many Americans and Marengo residents are no exception.

According to Zillow, home equity rose by 5% nationally from Q3 2016 to Q3 2017. In Marengo, home equity rose by 8% during that same time period. This indicates that there is strong demand for homes in Marengo with good equity values.

One reason for this demand may be the low interest rates currently available on mortgages. The average interest rate on a 30-year fixed-rate mortgage in Marengo was 3.92% as of September 2017, which is below the national average of 4.31%. Additionally, there are several programs available to help homeowners improve their home equity including reverse mortgages and HELOCs (home equity lines of credit).

While it's important to have good home equity if you want to buy or sell a house in Marengo, it's also important to keep in mind that home prices can fluctuate significantly from year to year due to a variety of factors including market conditions, location, and availability of properties. So while you may have good equity now, it's possible that your house could be worth less five years from now if market conditions change negatively.