87305, Gallup, NM

Gallup, NM is located in the 87305 zip code. According to the 2010 census, the population of Gallup was 9,898. The median home value in Gallup is $191,000. Home equity in Gallup has increased significantly over the past few years. In 2007, the median home equity in Gallup was $128,000. In 2013, the median home equity in Gallup was $236,000. This increase can be attributed to a number of factors including an increase in home prices and an increase in home equity loans available to residents.

Home prices have increased significantly throughout most of Gallup since 2007. The average price of a single-family home has increased from $146,500 to $191,000 during this time period. Additionally, the percentage of homes that are owner-occupied has also increased from 66% to 73%. This indicates that more residents are able to purchase or refinance homes at higher values than they were five years ago.

One factor that may have contributed to this increase in home values is an increase in available credit options for residents. In 2007 there were only two types of credit available for residents: traditional loans and HELOCs (home equity lines of credit). By 2013 there were eleven different types of credit available including mortgages and ARMs (adjustable rate mortgages). This variety of options allows more residents access to higher levels of financing which can help them purchase or refinance homes at higher values than they would have been able to previously."