87031, Los Lunas, NM

The 87031 zip code of Los Lunas, NM is located in the southeastern corner of the state and includes a population of just over 10,000 people. The median home value in this zip code is $119,000, which is about $30,000 below the statewide median home value of $177,500. Additionally, the percentage of homes in this zip code that are owner-occupied is lower than the statewide percentage of owner-occupied homes at around 60%. This suggests that there may be a higher concentration of rental properties in this area.

Despite these lower home values and ownership rates, there has been an increase in home equity within the 87031 zip code over recent years. In 2013, the median home equity within this zip code was just under $60,000; by 2017 it had increased to almost $75,000. This indicates that there has been a significant increase in homeownership within this area over time and that many residents have been able to build up significant amounts of equity in their homes. It is also worth noting that while home values have decreased nationally since their peak in late 2007/early 2008 (by around 20%), they have remained relatively stable within the 87031 zip code. This suggests that while prices may be lower overall than they were several years ago, they are not necessarily falling rapidly or experiencing widespread deflationary pressures like they do elsewhere across the country.