61607, Peoria, IL

The home equity and home prices in the 61607 zip code of Peoria, IL are very high. The median home value in this zip code is $187,500, which is more than double the Illinois median home value of $86,600. Additionally, the percentage of homes in this zip code that are worth more than $200,000 is significantly higher than the statewide percentage of homes that are worth more than $200,000 (26%). This indicates that there is a high demand for homes in this zip code that are worth a significant amount of money.

One possible explanation for why the home equity and home prices in this zip code are so high is that Peoria has a strong economy. The unemployment rate in Peoria is 3%, which is lower than the statewide unemployment rate of 4%. Additionally, Peoria has a low poverty rate (10%) compared to Illinois' overall poverty rate (15%). These factors may contribute to increased demand for housing in this area.

Another possible explanation for why the home equity and home prices in this zip code are so high is that there are a lot of wealthy people living in this area. The percentage of households earning over $100,000 per year is significantly higher than the statewide percentage of households earning over $100,000 per year (25%). This indicates that there is a lot of money available to purchase homes in this area.