75489, Tom Bean, TX

The Tom Bean, TX zip code 75489 has a population of approximately 2,000 people. The median household income in the zip code is $51,000 and the median home value is $135,000. Home equity in this zip code is relatively high compared to other areas of Texas. In fact, according to Zillow’s 2018 Home Value Index report, the home equity in Tom Bean ranks as the seventh highest home equity index score in Texas.

One reason for this high level of home equity may be due to the strong economy that has been present in Tom Bean over the past few years. The unemployment rate in Tom Bean was only 3.4% as of May 2018, which is much lower than the statewide unemployment rate of 4.2%. Additionally, businesses located in Tom Bean are likely doing well due to its proximity to major metropolitan areas such as Austin and Houston. This strong economy may be contributing to higher levels of home equity among residents of Tom Bean.

Another factor that may contribute to high levels of home equity in Tom Bean are low interest rates. As of May 2018, interest rates were only 2% for fixed-rate mortgages and 0.5% for adjustable-rate mortgages (ARMs). These low interest rates are likely helping residents save money on their monthly mortgage payments and increase their overall net worth over time.

Overall, it appears that there are several factors contributing to high levels of home equity among residents of the Tom Bean ZIP code: a strong economy with low unemployment rates; low interest rates; and a healthy housing market overall