62522, Decatur, IL

The 62522 zip code of Decatur, IL has a population of around 41,000 people. The median household income in this zip code is $50,000 which is higher than the Illinois median household income of $41,500. The home equity and home prices in this zip code are both high. As of September 2017, the median home value in this zip code was $236,500 which is more than double the Illinois median home value of $116,200. Additionally, the home equity in this zip code is also high with a median home equity value of $128,500. This means that most homes in this zip code are worth more than what is owed on them.

One reason for the high home values and home equity in this zip code is that Decatur has a high rate of homeownership. As of 2016, 83% of homes in this zipcode were owned by their occupants which is higher than the Illinois rate of 70%. Additionally, Decatur has a low rate of vacant housing which means that there are not many homes for sale that are not occupied. This keeps demand high for homes and drives up prices.

Another reason for the high home values and home equity in this zip code is that Decatur has a low rate of unemployment. As of September 2017, Decatur had an unemployment rateof 2% which is lower than the Illinois rateof 3%. This low unemployment rates makes it easier for people to afford to buy homes and increases demand for homes overall.