83349, Richfield, ID

The 83349 zip code of Richfield, Idaho is located in the Boise metropolitan area. The median home value in this zip code is $167,000 and the median home equity is $111,000. This indicates that there are a majority of homes in this zip code that are valued at more than their original purchase price. Additionally, the average home value growth rate over the past five years has been 4%. This indicates that there is a moderate amount of demand for homes in this zip code and that prices are likely to continue to grow over time.

Home equity represents a homeowner's total assets (property values plus savings) minus any outstanding loans on their home. It can be used as a measure of how well-off a homeowner is relative to their mortgage obligations. Home equity can also be used as collateral for borrowing money or to obtain financing for other investments.

Income growth rates vary significantly from region to region within the United States, and they also vary significantly from year-to-year. However, according to data from Zillow, the average annual income growth rate in Idaho over the past five years has been 3%. This indicates that while incomes may be growing at a slower pace than they have in recent years, it is still enough to support rising housing prices across most parts of Idaho. In addition, since there is moderate demand for homes in this zip code and prices are likely to continue growing over time, it would not be surprising if borrowers were able to obtain mortgages with lower interest rates than those available elsewhere in the country.