77640, Port Arthur, TX

The home equity and home prices in the 77640 zip code of Port Arthur, TX are very high. The median home value in this zip code is $153,000, which is more than double the national median home value of $77,500. Additionally, the percentage of homes in this zip code that are owned outright is much higher than the national average of just over 50%. This indicates that there are a lot of people in this area who have a lot of equity in their homes.

One reason for this high level of equity may be the low unemployment rate in this area. The unemployment rate in Port Arthur was just 3.5% as of September 2017, which is much lower than the national average unemployment rate of 4.1%. This low unemployment rate may be attracting a lot of people who want to buy homes but don’t want to worry about finding a job that can support them financially. Additionally, there are a lot of jobs available in Port Arthur that pay good wages.

Another reason for the high level of equity in homes here may be the low interest rates currently being offered on mortgages. The interest rates on mortgages here are below average compared to other areas across the country, which may make it more affordable for people to buy homes here. Additionally, there is a glut of housing inventory available in Port Arthur right now due to recent construction projects and growth within the city limits. This means that even if interest rates rise later on down the road, it will likely still be cheaper for someone to buy a home here than elsewhere because there will be more houses available for sale at any given time.