79762, Odessa, TX

Home Equity and Home Prices in the 79762 Zip Code of Odessa, TX

There are a number of factors that affect home equity and home prices. Some of these include the current market conditions, interest rates, location, and the age and condition of the home. In general, homes that are newer or in better condition tend to have higher home equity values than older or less-nice homes. Additionally, homes located in desirable neighborhoods or near good schools tend to have higher home equity values than those located in less-desirable areas. Finally, interest rates play a significant role in determining how much money homeowners can borrow against their home equity.

As of September 2017, the median price for single-family homes in Odessa was $151,000. This is slightly lower than the statewide median price of $157,500 but significantly higher than the national median price of $130,000. In addition to being more expensive than most other areas across Texas, Odessa also has a high concentration of expensive homes – nearly half (47%)of all single-family homes sold within city limits during 2017 were worth over $200K. Given these high prices and limited inventory availability (especially for properties within desirable neighborhoods), it is not surprising that home equity values are quite high in Odessa relative to other parts of Texas. As of September 2017, 78%of all households residing within zip code 79762 had at least some form of homeowner’s insurance coverage – this is well above both the statewide average (54%)and national average (63%).

Despite having some very high prices and strong homeowner’s insurance coverage levels, there are some potential risks associated with owning a home in Odessa. For example: There has been an increase in property crime over recent years – including burglaries , car thefts , and vandalism . While this may not be an issue for everyone (or even most people), it could be a major concern if you live in an area where crime is particularly rampant . Additionally , while there is plenty of available housing stock within city limits (especially compared to many other large cities), there may not be enough options if you want to buy or sell a house quickly or if you need to relocate due to job changes or family circumstances . Finally , while interest rates have remained relatively low throughout much of recent history (~3%), they could potentially rise at any time – which would make owning a house more expensive .