85705, Tucson, AZ

Home Equity and Home Prices in the 85705 Zip Code of Tucson, AZ

There is no one answer to the question of whether home equity or home prices are more important to a person's overall financial well-being. For some people, having a large sum of money saved up in their home equity may be more important than anything else. Other people may place a higher value on owning a home that is worth as much as possible.

According to Zillow, the median home value in the 85705 zip code of Tucson, AZ was $269,500 as of September 2017. This means that there are approximately 218 homes in this zip code with an estimated value greater than $269,500. The average price per square foot for homes in this zip code was $142 which means that homes here are typically larger and more expensive than those found in other areas of Tucson. In addition, according to Trulia, the median list price for homes sold within this zip code during the month of September 2017 was $309,000 - significantly above the national average for all ZIP codes ($217,500). Clearly there is great demand for properties located within this particular area.

Despite these high values and demand for properties within this zip code, it is important to keep in mind that not everyone can afford to purchase or own a home at these prices. In fact, according to Zillow's 2018 Home Value Report (ZHV), approximately 36% of households living within ZIP codes located within 10 miles of downtown Phoenix were unable to afford a median-priced house without taking out substantial loans (i.e., mortgages or HELOCs). This indicates that even though there is strong demand for properties located within this particular area - particularly among those who can afford it - not everyone can purchase or own a property at these prices.