85041, Phoenix, AZ

The 85041 zip code of Phoenix, AZ has a median home value of $191,000 and a median home equity value of $140,000. These values are higher than the national median home value of $177,500 and the national median home equity value of $128,200. This indicates that there is more wealth in the 85041 zip code than in other areas across the country.

One reason for this may be that the cost of living is lower in Phoenix than it is in other major cities. The average cost of rent in Phoenix is only $1,095 per month, which is much lower than the average rent price in major metropolitan areas like New York City ($2,160 per month) or Los Angeles ($2,700 per month). Additionally, homeownership rates are high in Phoenix – nearly 80% of households own their homes compared to only 60% nationwide. This may contribute to higher home values as people are more likely to invest money into their homes rather than rent them out or sell them for less than they paid for them.

Another factor that may contribute to high home values in Phoenix is its strong economy. The city has been experiencing steady growth over the past few years and this has led to an increase in jobs and income opportunities. As a result, more people are able to afford homes here and have been able to increase their home equity accordingly.