60193, Schaumburg, IL

The 60193 zip code of Schaumburg, IL has a median home value of $236,000 and a median home equity value of $121,000. The 60193 zip code has a population of approximately 73,000 people and is located in Cook County.

There are several factors that influence the home equity and home prices in the 60193 zip code. These factors include the local economy, interest rates, housing inventory, and demographics.

The local economy is one factor that influences home equity and home prices in the 60193 zip code. When the local economy is strong, there is more demand for homes and consequently higher prices for homes. Conversely, when the local economy is weak, there is less demand for homes and consequently lower prices for homes. The 60193 zip code has experienced both strong and weak economies over the past few years; as such, it has seen both high and low home equity values.

Interest rates are also an important factor that influences home equity and home prices in the 60193 zip code. Interest rates affect how much money people can borrow to buy a house or to refinance their current mortgage. When interest rates are high (i.e., when they are increasing), it becomes more expensive for people to borrow money to buy a house or to refinance their current mortgage; this makes it harder for people to afford houses (and thus increaseshome equity values). Conversely, when interest rates are low (i.e., when they are decreasing), it becomes cheaper for people to borrow money to buy a house or to refinance their current mortgage; this makes it easier for people to afford houses (and thus decreaseshome equity values). Over time, changes in interest rates have had a modest but measurable impact onhome Equity values in the 60193 zip code over time .

In recent years ,the average annual change ininterestrates across all ZIP Codes within Cook County was 2%. However ,the average annual changeininterestrates across ZIP Codes within Cook County with populations greater than 750000 was 4%. This suggests that while changes interestate rates may not have an immediate impact onhome Equity values within ZIP Codes with smaller populations ,they do have an impact onhome Equity values within ZIP Codes with larger populations .

Housing inventory is another factor that influences home equity and home prices in the 60193 zipcode . When there are more houses available for sale than there are buyers interested in buying those houses (i.e., when housing inventory is low ),it becomes harder for people who wantto buy a houseto findonethat meetstheir needs ;this leadstohigherhomeequityvalues becausepeoplearemorelikelytobuyahouse whichequals theirsatisfaction level .Conversely ,whenhousinginventoryishigh(i . e.,whenhousinginventoryislow ),itbecomeseasierforpeoplewhohaveaninterestinbuyingahouse tounderstandthattheymaynotfindahousethatmeetstheirneeds ;this leadstotlowerhomeequityvaluesbecausepeoplearemorelikelytoconsiderbuyingahousethatmeetsarelowsatisfactionlevel .Sincehousinginventoryhasbeenrelativelyhighinrecentyearswithinthe60193zipcode ,therehasbeenaloweredistanceforpeoplewhohaveaninterestintobeingabletobuyahousewithinthisziptoforeachofthesefactorshashadamildimpactonthe601 93zipcodemeanortheliveequityvaluesofthewholecommunity。

Demographics play an important role toofhomeloansandmortgagesingeneralandthusinfluenceshomedemographicswithinZIPCodes。For example ,sinceolderhouseholds tendtodowithhighermortgagepaymentsthanyoungerhouseholds(due tothedifferencesinthesizeoftheir mortgages),olderhouseholdsinZIPCodeswithlargerpopulations oftendowntopaymoreforthemortgagesthanyoungerhouseholdsinZIPCodeswithsmallerpopulations。However ,sincemanyyoungadultstendtoconsiderthemselvesindependentfromtheir parents financially(especially if they live with other adults ),the presenceofmanyyoungadultshousingunitsinZIPCodeswithlargercountsofolderhousesdoesnotaffectthemoneytheyspendonrentingapartmentor buyingahouse.(Thisisparticularlytrueifthoseyoungadultshousethemortgagepaymentstogetherthroughapartnershiporemployment .)Sincemostofthesefactorshaveonlyaf ModestbutMeasurableImpactontheliveequityvaluesofthewholecommunityinthes601 93zipcodenotenoughtoprovethatshomeshereareexpensiverelativetomotherzipsincookcounty。