74361, Pryor, OK

Home Equity and Home Prices in the 74361 Zip Code of Pryor, OK

The 74361 zip code of Pryor, OK has a median home value of $128,000. This is lower than the statewide median home value of $177,500. The zip code also has a lower than average home equity ratio at 58%. This means that there are more homes with negative equity (less than the value of the mortgage) than homes with positive equity (more than the value of the mortgage).

There are several factors that may contribute to this low home equity ratio in the 74361 zip code. First, there are a higher percentage of homes that are owned outright rather than being financed through a mortgage. Second, there is a higher percentage of single-family homes in this zip code compared to other areas in Oklahoma. Finally, homeowners in this area may have taken on larger mortgages relative to their income levels in order to purchase their homes.

Despite these factors, it is still important for homeowners in the 74361 zip code to maintain an eye on their home equity ratio and make sure that they are not overextending themselves financially. If something were to happen such as an unexpected job loss or medical emergency, it could be difficult for homeowners to quickly come up with enough money to cover their outstanding debt obligations. In these cases, foreclosure could be an option if they do not have enough money saved up to cover their debts and expenses.