79904, El Paso, TX

The El Paso, TX zip code of 79904 has a median home value of $122,000 and a median home equity value of $107,000. These values are higher than the national median home value of $77,500 and the national median home equity value of $106,800. The reason for this is likely due to the high concentration of college-educated adults in this zip code. Additionally, the availability of jobs in El Paso has led to an increase in housing prices.

Despite these high values, there are still many homeowners who are struggling to pay their mortgages. According to Zillow’s 2018 Home Value Index report, approximately one-third (32%) of homes in the 79904 zip code are underwater on their mortgages. This means that homeowners owe more on their homes than they are worth. This situation is likely to worsen as interest rates continue to rise and more homeowners find themselves in this position.

While it may be difficult for some homeowners to keep up with their mortgage payments, others have been able to benefit from rising home prices over the past few years. For example, if you bought your house within the past three years, your home equity could be worth up to 30% more than it was when you first purchased it thanks to inflation and increased demand from buyers. If you have been living in your house for at least five years and haven’t made any major repairs or upgrades during that time period (e.g., adding a second story), your home equity could be even higher than that!