62226, Belleville, IL

Belleville is a city located in St. Clair County, Illinois, United States. According to the 2010 census, Belleville has a population of 36,890. The city is home to Eastern Illinois University and is the county seat of St. Clair County. Belleville's economy is based on manufacturing and health care industries. Home equity and home prices are important factors in the city's economy.

The median home value in Belleville was $128,900 as of September 2013 according to Zillow.com data. This represents a decrease from the previous year when the median home value was $135,000 according to data from Trulia . The decrease may be due to lower demand for homes in Belleville or increased competition among buyers for available properties; however, it is also possible that some sellers have lowered their asking prices since September 2012 as part of an effort to sell their homes during this difficult market climate .

In terms of monthly mortgage payments , homeowners in Belleville typically pay around $1,500 per month on average for a 30-year fixed-rate mortgage at current rates . This means that over the course of 30 years homeowners would pay approximately $306,000 total in interest payments on their mortgages - not including other costs such as property taxes and insurance premiums .

While there are many factors that can affect home values (e.g., interest rates, local economic conditions), one important factor that affects Belleville residents' ability to purchase a house or afford a mortgage is their level of equity in their homes . Equity refers to the difference between what an individual owes on their property and its market value . In general , households with more equity tend to be able to borrow more money against their homes and thus have more flexibility when making purchasing decisions or when seeking financing for other needs (such as renovations ).

Accordingly , it is important for residents of Belleville - both buyers and sellers -to understand how home equity works and how it can impact their lives . For example , if someone wants to buy a house but does not have enough money saved up for down payment or if they need additional funds quickly but cannot qualify for a traditional loan because they do not have enough equity in their home , they may be able to get help from programs such as Home Affordable Modification Program (HAMP) or Housing Counseling Service Of Northern Illinois (HCSI). These programs provide financial assistance by reducing the amount owed on an existing mortgage or by helping borrowers get new loans with reduced down payments