78044, Laredo, TX

Home Equity and Home Prices in the 78044 Zip Code of Laredo, TX

There is no doubt that home equity is one of the most important assets a person can have. Not only does it provide a cushion against unexpected financial setbacks, but it also provides an important source of retirement income. In addition, home equity can be used to purchase other investments or to pay off debt.

According to the 2016 American Community Survey (ACS), the median home value in the 78044 zip code of Laredo was $101,000. This means that approximately one-third (33%) of all homes in this zip code are worth more than $100,000. However, there is a great deal of variation within this zip code when it comes to home values. For example, while just over half (53%) of homes in the 78044 zip code are worth more than $150,000, nearly two-thirds (64%) of homes in the 77024 zip code are worth more than $200,000.

When it comes to home equity values, there is also a great deal of variation within this zip code. For example, just over one-third (35%)of all homeowners in the 78044 zip code have total home equity values that are greater than their mortgage balances. By contrast, nearly half (47%)of homeowners in the 77024 zipcode have total home equity values that are greater than their mortgage balances. Additionally, while just over one-quarter (27%)of homeowners in the 78044 zipcode have total home equity values that are less than their mortgage balances; nearly three-quarters (74%)of homeowners in the 77024zipcode have total home equity values that are less than their mortgage balances.

When looking at how long it typically takes for homeowners in different parts of Laredo to achieve total home equity value parity with their mortgage balance; we see some interesting differences between this zip code and others within Texas . For example: It typically takes approximately six years for homeowners in this zip code to achieve parity with their mortgage balance; however ,it typically takes approximately four years for homeowners located within 10 miles of downtown Laredo and five years for those located outside 10 miles of downtown Laredo . Additionally: It typically takes about two years for renters living within 10 miles of downtown Laredo to achieve parity with their mortgage balance; however , renters living outside 10 miles oft he downtown area usually take about four years to achieve parity with their mortgage balance .

When looking at how much money people typically save by using various strategies related to increasing or maintaining homeowner's equity ; we see some interesting variations as well . For example: Approximately half (51%)of all households who increased their homeowner's equity between 2010 and 2014 did so through refinancing ; however , only about one-quarter (26%)of households who increased homeowner's equit y between 2010 and 2014 did so through purchasing a new property . Additionally: Approximately three quarters (77%)of households who maintain or increase homeowner's equit y do so by using various strategies related to refinancing ; only about one quarter(25%), use purchasing a new property as part o ftheir strategy