75707, Tyler, TX

Home Equity and Home Prices in the 75707 Zip Code of Tyler, TX

The home equity and home prices in the 75707 zip code of Tyler, TX are very high. The median home value in this zip code is $269,000, which is more than double the national median home value of $130,000. The average home equity in this zip code is $128,000. This means that homeowners in this zip code have a significant amount of wealth invested in their homes.

One reason for the high home values and home equity in this zip code is the strong economy. The unemployment rate in Tyler was 3.5% as of May 2017, which is lower than the national unemployment rate of 4%. This strong economy has led to increased demand for homes and increased prices for homes. Additionally, there are a number of wealthy people living in this zip code who can afford to buy expensive homes.

Despite the high prices and high levels of home equity in this zip code, there are some risks associated with owning a home here. For example, if someone loses their job or their income decreases significantly, they may not be able to afford to pay their mortgage or rent on their house anymore. Additionally, if there is a housing market crash or another economic recession, homeowners could lose a lot of money if they don't have enough savings to cover their mortgage payments or other bills related to their house.