84020, Draper, UT

The 84020 zip code of Draper, UT has a median home value of $224,000 and a median home equity value of $146,000. These values are higher than the national median home value of $175,800 and the national median home equity value of $142,600. This indicates that homes in the 84020 zip code are more expensive than average.

One factor that may contribute to this high price tag is the presence of many wealthy residents in the area. The population density in the 84020 zip code is low compared to other areas of Utah, which may make it more desirable for buyers who want a large lot and fewer neighbors. Additionally, Draper is located close to Salt Lake City and has access to many amenities and services that are not available in other parts of Utah. Therefore, some people may be willing to pay a higher price for a property in this area because they believe it offers greater benefits than elsewhere.

Another reason why homes in the 84020 zip code are expensive is that there is limited inventory available for sale. This may make it difficult for potential buyers who do not have a large down payment or who do not want to take on any mortgage debt to find a suitable property. Furthermore, many people who live in this area own their homes outright rather than using traditional financing methods such as mortgages or HELOCs (home equity lines of credit). As a result, there is less competition among buyers for properties in this area which can lead to higher prices.