76071, Newark, TX

The 76071 zip code of Newark, TX has a median home value of $127,000 and a median home equity value of $111,000. These values are significantly lower than the statewide median home value of $217,500 and statewide median home equity value of $158,700. The 76071 zip code also has a significantly lower percentage of homeowners with a mortgage than the statewide percentage of homeowners with a mortgage at 66%. This indicates that more people in the 76071 zip code are using their home equity to finance their purchase or improvement.

There are several factors that may contribute to the lower values in the 76071 zip code. First, there is a higher percentage of renters in this area than homeowners. This may be due to low housing prices relative to incomes or because there are not enough homes available for sale or rent within the 76071 zip code. Second, there is a higher concentration of poverty in this area compared to other parts of Texas. This may lead to less available money for people who want to buy or invest in homes. Finally, there is less access to credit within this area which could also contribute to low home values.