60952, Melvin, IL

The 60952 zip code of Melvin, Illinois has a population of approximately 8,000 people. The median household income in this zip code is $68,000 which is above the Illinois median household income of $55,500. The home equity in this zip code is $236,000 which is above the Illinois median home equity of $169,900. This indicates that there are more homes in this zip code that are worth more than what the average person in Illinois can afford to purchase.

There are a number of factors that could contribute to the high home equity values in the 60952 zip code of Melvin. First and foremost, there are a lot more expensive homes available for sale in this area than there are average priced homes. Secondly, the average person in this area may have a higher income than most people in Illinois which means they can afford to pay more for a home than someone who makes less money. Finally, many people who live in the 60952 zip code of Melvin own their homes outright rather than using a mortgage so they have less risk associated with their investment and therefore tend to value their home more highly.