60181, Villa Park, IL

Home equity is the difference between the market value of a home and what a homeowner owes on their mortgage. Villa Park has seen an increase in home equity since 2007, when the market value of homes was just over $200,000. By 2016, Villa Park's home equity had increased to over $300,000. This trend is likely to continue as Villa Park's population continues to grow and more homeowners are able to refinance or sell their homes for a higher price.

The average home price in 60181 has increased by almost 50% since 2007. This growth has been especially pronounced in recent years as prices have reached record highs. In 2016, the average home price in 60181 was $269,000. This represents an increase of almost 100% from 2007 when the average home price was just over $130,000.

As prices have continued to rise in 60181, so too has the amount homeowners are able to borrow against their homes' values. The percentage of homeowners who were able to borrow at least 80% of their homes' values increased from 47% in 2007 to 60% by 2016. This indicates that more homeowners are able to take advantage of historically low interest rates and purchase homes that are worth more than they owe on their mortgages.

While there is certainly some risk associated with investing in Villa Park's housing market, it appears that overall there is considerable potential for long-term growth if current trends continue. Homeownership rates remain high and there is still room for prices to increase even further as more people enter into the market and qualify for larger mortgages