79924, El Paso, TX

The El Paso, TX 79924 zip code has a population of around 1.3 million people and is located in the southwestern corner of the state. The median home value in this zip code is $152,000, which is about average for the city of El Paso. Home equity in this zip code has been increasing over the past few years, and as of September 2017 it was at its highest point since 2006. This increase can likely be attributed to both rising home prices and increased access to credit.

One factor that may have contributed to the increase in home equity in this zip code is that there are a lot of homes that are worth more than their original purchase price. For example, according to Zillow, approximately one-third of homes in this zip code are worth more than their original purchase price. This high level of home equity may make it easier for people to buy a house or refinance an existing mortgage if they need to do so.

Another factor that may have contributed to the increase in home equity in this zip code is access to credit. According to Zillow, approximately one-third of homes in this zip code were purchased with cash or with no down payment (less than 20%). This low down payment rate may make it easier for people who want to buy a house or refinance an existing mortgage but may not have enough money saved up already. In addition, many people who live in this zip code have good credit scores which means they are likely approved for loans they would not be approved for if they lived elsewhere in El Paso or Texas.

Overall, it appears that there has been an increase in home equity and home prices over the past few years within the 79924 zip code of El Paso. Access to credit and rising home prices appear to be two main factors contributing towards these changes.