65344, Miami, MO

The Miami, Missouri 65344 zip code has a population of about 106,000 people. The median household income in the zip code is $60,000. The median home value in the zip code is $225,000.

There are a number of factors that affect home prices and home equity in any given area. In Miami, the main drivers of home prices and home equity are: 1) demand from buyers and sellers; 2) availability of inventory; and 3) interest rates.

Demand for homes in the Miami area is high due to its proximity to major metropolitan areas (St. Louis, Kansas City, Chicago), as well as its strong economy. There is also a lot of competition for homes due to the high demand and limited supply. This drives up prices and increases homeowners' equity.

Availability of inventory affects both home prices and homeowners' equity because it determines how many homes are available for sale at any given time. If there are more homes available for sale than buyers want to buy, then house prices will decline because there will be more houses available at lower price points than what buyers are willing to pay. If there are fewer homes available for sale than buyers want to buy, then house prices will increase because there will be more houses available at higher price points than what buyers are willing to pay. In either case, homeowners' equity will decrease because there will be more houses on the market than what borrowers can afford to purchase with their current level of debt (i.e., mortgage). Interest rates also play a role in affecting both home prices and homeowners' equity by affecting how much borrowers can afford to borrow on their mortgages and how long it would take them to repay that debt if they were required to sell their house or refinance their mortgage into a different type of loan (e.g., fixed rate vs adjustable rate). When interest rates rise, it becomes harder for borrowers to afford larger mortgages or refinance into longer-term loans, which decreases homeowners' equity because they have less money left over after they pay off their initial debt obligation(s).