61605, Peoria, IL

The home equity and home prices in the 61605 zip code of Peoria, IL are very high. The median home value in this zip code is $183,000 and the median home equity is $128,000. This means that a majority of homes in this zip code are worth more than their original purchase price. Additionally, the average home value growth rate over the past five years has been 10%. This indicates that there is a lot of demand for homes in this zip code and that prices will continue to increase.

One reason why prices are so high in the 61605 zip code is because there are a lot of affluent residents here. The percentage of households earning over $100,000 annually is above average for all of Illinois and the percentage of households earning over $200,000 annually is also above average. Additionally, Peoria has a strong economy with many well-paying jobs. This means that people can afford to buy homes here even if their income isn't as high as others in their area.

Another factor contributing to high home values in the 61605 zip code is low unemployment rates. Currently, unemployment rates here are below average which means that people who want jobs can find them relatively easily and they don't have to worry about losing their homes due to unemployment. In addition, there are not many areas nearby where housing values are lower which keeps competition among buyers low and allows prices to stay high.