72934, Chester, AR

Chester, AR is located in Pope County and has a population of just over 9,000 people. The median household income in Chester is just over $50,000 and the median home value is just under $130,000. In terms of home equity, the majority of residents (over 60%) have at least some equity in their homes.

The reason for this high level of equity is likely due to the low rate of homeownership in Chester. Only about 36% of households are owner-occupied while 63% are occupied by renters. This trend is likely due to the fact that Chester is a relatively affordable town compared to other areas in Arkansas. Additionally, there has been an increase in home flipping activity within the city over the past few years which may also be contributing to increased levels of equity among residents.

Despite these positive trends, there are still some challenges facing residents of Chester when it comes to their home equity. For example, many people (41%) do not have any money saved up for a down payment on a new home which can make buying a house difficult or impossible for them. Additionally, interest rates are currently very low which means that borrowers are paying a lot more than they would if rates were higher. As long as these factors remain unchanged, it's likely that levels of home equity will continue to rise within the city over time