60940, Grant Park, IL

The Grant Park, Illinois zip code of 60940 has a population of approximately 10,000 people. The median household income in this zip code is $60,000 and the median home value is $215,000. This means that the home equity in this zip code is approximately $115,000 and the home prices are above average for the area.

There are a number of factors that contribute to the high home values in this zip code. First, Grant Park is located in one of Chicago's wealthiest neighborhoods and has a high demand for housing due to its affluent population. Second, Grant Park has a low rate of foreclosure activity which keeps property values high. Finally, Grant Park has a strong economy with low unemployment rates which leads to increased demand for housing and higher home values.

Despite these positive factors, there are some risks associated with owning a home in Grant Park. First, there is a risk of inflation which could lead to decreased value over time. Second, there is always the possibility that interest rates could rise which would decrease the value of your home equity. Third, if you decide to sell your home soon after buying it (within 5 years), you may have difficulty finding comparable properties at current prices due to the strong demand in this market area.