76708, Waco, TX

Home Equity and Home Prices in the 76708 Zip Code of Waco, TX

The home equity and home prices in the 76708 zip code of Waco, TX are very high. The median home value in this zip code is $269,000, which is more than triple the national median home value of $106,500. Additionally, the average home equity loan-to-value (LTV) ratio in this zip code is 97%, which is significantly higher than the national average LTV ratio of 62%. This indicates that many homeowners in this zip code have a lot of equity in their homes.

One reason for this high level of equity may be that Waco is a relatively affluent city. The median household income in this zip code is $87,500, which is above the national median household income of $53,046. Additionally, there are a lot of well-educated residents in this area. The percentage of adults with at least a bachelor's degree is 39%, which is above the national average percentage of 29%. This indicates that there are plenty of potential homeowners who can afford to borrow against their homes' values.

Another factor that may contribute to high levels of home equity and home prices in the 76708 zip code are low interest rates. The interest rate on mortgages in this area has been below 4% for much of 2018 and 2019, which has made it affordable for many homeowners to borrow against their homes' values. In addition, there are not many other options available to borrowers when it comes to obtaining a mortgage - most lenders only offer mortgages with interest rates above 4%. This makes it very difficult for borrowers who want to purchase a house but cannot afford to pay more than 4% interest on their mortgage.