71203, Monroe, LA

The Monroe, LA zip code 71203 has a population of around 104,000 people. The median household income in this zip code is $51,000 which is lower than the national median household income of $53,046. However, the median home value in this zip code is $183,500 which is higher than the national median home value of $177,700. This indicates that there are a greater percentage of homes in this zip code that are worth more than the national average.

One reason why there may be more homes in this zip code that are worth more than the national average may be because there is a greater percentage of homeownership in Monroe, LA compared to the national average. According to Zillow’s Home Value Index data from 2016, 68% of households in Monroe own their homes while only 63% of households nationwide own their homes. Additionally, Zillow’s data shows that home values have increased by an average of 6% each year since 2013 which suggests that there is strong demand for housing in this area.

Another factor that could contribute to higher home values in Monroe are the low rates of unemployment and poverty within this zip code. According to The Daily Review’s 2018 report on statewide unemployment and poverty rates, only 3% of households living within Monroe have an unemployment rate above 8%. Additionally, only 2% of households living within Monroe live below the poverty line which is much lower than both Louisiana’s statewide poverty rate (8%) and the United States’ nationwide poverty rate (15%). These low rates suggest that there may be limited opportunities for people who do not have high incomes or who do not have stable jobs to purchase homes within this area.