62711, Springfield, IL

The Springfield, Illinois zip code 62711 has a population of approximately 134,000 people. The median household income in this zip code is $60,000 which is significantly lower than the national median household income of $59,000. Additionally, the home equity and home prices in this zip code are also significantly lower than the national average home equity and home prices.

As of March 2017, the median home value in this zip code was $127,200 which is significantly lower than the national median home value of $217,500. Additionally, as of March 2017 the median home equity in this zip code was $24,800 which is also significantly lower than the national median home equity of $130,000. This indicates that there are a significant number of homes in this zip code that are worth less than their original purchase price and have less equity compared to other homes across the nation.

One possible explanation for these low levels of home equity and home prices could be due to a number of factors including low incomes and high levels of unemployment in Springfield. Additionally, many homeowners in this zip code may be underwater on their mortgages which would result in them having less available cash to invest into their homes or to use as collateral for a loan. In addition to these economic factors, there could also be other reasons why more homes in this zipcode are worth less than their original purchase price such as poor construction quality or lacklustre market conditions at any given time.