68865, Phillips, NE

Home Equity and Home Prices in Phillips, NE

The Phillips zip code 68865 has a median home value of $128,000. This is lower than the Nebraska median home value of $157,500. The Phillips zip code also has a lower than average percentage of homeowners with equity in their homes- only 54% of homes have equity compared to the Nebraska average of 68%.

There are several reasons why the Phillips zip code has a lower home equity percentage. First, there are fewer wealthy households in Phillips compared to other parts of Nebraska. Second, many homeowners in Phillips have taken out high-interest loans to buy their homes which reduces their equity. Third, the market value of homes in Phillips has decreased over time due to low interest rates and increasing housing prices elsewhere in Nebraska and across the country.

Despite these factors, there are still some homeowners in Phillips who have significant equity in their homes. These homeowners may be able to use this equity to help them weather tough economic times or take advantage of rising housing prices if they decide to sell their home.