60462, Orland Park, IL

Orland Park, IL is located in Cook County and has a population of over 100,000. The median household income in Orland Park is $101,000 and the median home value is $269,500. Home equity in Orland Park is very high compared to other zip codes in Illinois. In fact, the home equity in Orland Park is more than double the median home value of all zip codes in Illinois.

There are several reasons why home equity is so high in Orland Park. First, the cost of living is relatively low compared to other areas of Illinois. Second, there are a lot of affluent residents who can afford to buy homes at high prices. Third, there are a lot of wealthy investors who own homes in Orland Park and can use their home equity to invest elsewhere. Fourth, the quality of life in Orland Park is excellent and many people want to live there because it's a safe community with good schools. Fifth, the local economy has been doing well recently which has helped increase home values even more. Sixth, Orland Park has strict zoning laws which limit how many homes can be built and thus keep prices high.

Despite all these reasons why home equity is high in Orland Park, it's not immune to economic downturns like most other assets are. If the economy goes down significantly and people lose their jobs or their homes become worth less due to inflation or depreciation, they will likely have a difficult time recovering their losses from the housing market.