62907, Ava, IL

The 62907 zip code of Ava, Illinois has a median home value of $135,000. This is significantly lower than the statewide median home value of $217,500. The 62907 zip code also has a significantly lower rate of home equity ownership than the statewide average rate of 68%. This indicates that more homes in the 62907 zip code are owned outright or through mortgages rather than through home equity lines of credit.

There are several factors that may contribute to the low rate of home equity ownership in the 62907 zip code. One potential reason is that many residents here may be new to homeownership and may not have had time to build up any equity in their homes. Additionally, many homes in this area were built before stricter lending standards were put into place and may not be able to accommodate larger down payments or higher loan amounts. Finally, there is a high concentration of rental properties in the 62907 zip code which may make it difficult for residents to accumulate enough equity in their homes to sell or refinance them at a later date.