79415, Lubbock, TX

Home Equity and Home Prices in the 79415 Zip Code of Lubbock, TX

The home equity and home prices in the 79415 zip code of Lubbock, TX are quite high. The median home value in this zip code is $157,000, which is significantly higher than the national median home value of $117,500. Additionally, the percentage of homes that are owner-occupied in this zip code is above the national average of 63%. This indicates that many people in this area are able to afford to buy a home despite having low incomes.

The high home values and percentage of owner-occupied homes may be due to several factors. First, Lubbock is a relatively affluent city with a high median income. Second, there is a large supply of homes for sale in this zip code compared to other areas of the country. Third, Lubbock has been experiencing strong economic growth over the past few years which may have led to an increase in demand for homes. Fourth, Lubbock residents may be more likely than other people to have access to good credit and/or enough money saved up for a down payment on a house. Finally, many people who live in this area may be willing or able to pay higher prices for homes due to their strong belief that housing is an important part of wealth accumulation (Lubrano & Kochert 2008).