60517, Woodridge, IL

Woodridge, IL is located in Cook County and has a population of over 100,000. The 60517 zip code has a median household income of $101,000 and a median home value of $269,500. Home equity in Woodridge is high compared to other zip codes in Illinois. In the 60517 zip code, the average home equity is $151,000. This means that homeowners in this area have more than three times the amount of equity in their homes as homeowners in other Illinois zip codes.

One reason for this high level of home equity may be the low interest rates available to borrowers in the 60517 zip code. The average interest rate on a 30-year fixed-rate mortgage was 3.92% as of September 2017, which is below the statewide average rate of 4.94%. Additionally, Woodridge residents have access to generous incentives through programs like USDA Rural Development's Home Affordable Modification Program (HAMP). These programs provide financial assistance to qualifying homeowners who are looking to make necessary repairs or modifications to their homes so that they can remain eligible for government-backed mortgages.

Despite these factors contributing to high levels of home equity in Woodridge, there are some potential risks associated with this asset class as well. For example, if interest rates rise significantly from their current levels or if there are any major economic downturns within the local area, homeowners could find themselves struggling to pay off their mortgages at current levels. Additionally, if prices decline significantly from their current levels it could lead to significant losses for those who own homes within the 60517 zip code