73703, Enid, OK

The 73703 zip code of Enid, OK is located in the northwestern corner of Oklahoma and has a population of around 36,000. The median household income in this zip code is $41,500, which is lower than the national median household income of $53,046. However, the percentage of households earning less than $25,000 is much higher in this zip code than it is nationally. In fact, almost half (47%) of households in the 73703 zip code earn less than $25,000 annually.

One reason that incomes are lower in this zip code than they are nationally may be due to the high level of home equity ownership here. According to Zillow’s 2018 Home Value Report for ZIP Codes within 100 miles of Enid (73703), 47% of homes here have at least 50% equity value. This compares to just 28% nationwide. Additionally, home prices in this area have been rising rapidly over the past few years – increasing by an average of 5.5% annually between 2016 and 2018 according to Zillow’s National Housing Survey data1 . This rapid growth has led to a significant increase in home equity values – from an average value of $128,200 in 2016 to an estimated value of $154,600 as of January 20192 .

Despite these high levels of home equity and home prices , many homeowners here still face significant financial challenges due to low incomes and limited access to affordable credit. For example:

-Almost one-third (32%)of homeowners with mortgages in the 73703 zip code have loan-to-value ratios (LTVs) greater than 90%, which means that their mortgages account for more than 90%of their total assets3 . This compares to just 10%of homeowners nationwide who have LTVs greater than 90%.

-Similarly , nearly one-quarter (24%)of homeowners with mortgages in the 73703 zip code are underwater – meaning that their homes are worth less than what they owe on their loans4 . This compares to just 6%of homeowners nationwide who are underwater.

These findings suggest that many homeowners here face significant financial challenges when it comes to maintaining or upgrading their homes – even those with high levels of home equity and relatively good incomes.