61103, Rockford, IL

Rockford, Illinois is located in the north-central part of the state and has a population of just over 200,000 people. The 61103 zip code covers a total area of just under 10 square miles and has a median home value of $137,500. Home equity in this zip code is relatively high, with nearly two-thirds (64%) of households reporting some level of equity in their homes. This compares favorably to the statewide average of just over half (53%) of households reporting some level of equity in their homes.

There are several factors that may contribute to the high levels of home equity in this zip code. First, Rockford is a relatively affluent community, with a median household income above the state average. Second, there is a strong demand for housing in Rockford – according to recent census data, the population growth rate here is among the highest in Illinois. Finally, many homeowners here have taken advantage of low interest rates over the past few years to boost their home equity values.

Despite these positive factors, there are also some challenges facing homeowners in this zip code. One issue is that Rockford's economy has been struggling recently – as a result, incomes have not kept pace with inflation and many families are now finding it difficult to afford to buy or upgrade their homes. Another potential obstacle for homeowners here is that interest rates are expected to rise soon – if this happens, many families will likely find it harder than ever before to maintain their current levels of home equity.