62893, Walnut Hill, IL

The Walnut Hill, IL 62893 zip code has a population of about 22,000 people. The median household income in the zip code is $101,000 and the median home value is $262,500. Home equity in this zip code is high compared to other areas of Illinois. In fact, the average home equity in Illinois is only about $130,000.

One reason for this high home equity in Walnut Hill may be that the area has a high percentage of homeowners. In fact, almost two-thirds (64%) of households in the zip code are owner-occupied. This compares favorably to Illinois as a whole where only about half (51%) of households are owner-occupied. Additionally, Walnut Hill has a low rate of foreclosure activity relative to other parts of Illinois. For example, there were only 2 foreclosure filings recorded in the zip code during 2016 compared to over 100 filings statewide.

Another factor that may contribute to high home equity in Walnut Hill is the relatively low rate of inflation over time. Over the past 10 years, inflation has averaged just 2% per year which means that real estate values have not experienced as much erosion as they have elsewhere throughout Illinois. In addition, there are relatively few vacant homes or properties for sale in Walnut Hill which may also help keep prices stable and increase home equity values.