87513, Arroyo Hondo, NM

Home Equity and Home Prices in the 87513 Zip Code of Arroyo Hondo, NM

There is no one answer to the question of how much home equity each individual has. This is because home equity depends on a variety of factors, including the current market conditions, the size and location of the home, and the borrower's credit score. However, according to Zillow, as of May 2019, median home values in Arroyo Hondo were $269,500. That puts this zip code within the top 25% of all zip codes nationwide when it comes to median home values. Additionally, according to Trulia's 2019 Home Values report (which uses data from Zillow), Arroyo Hondo ranks #8 out of 82 zip codes in New Mexico when it comes to average monthly mortgage payments (based on a 30-year fixed-rate mortgage). So it can be said that homeownership rates are high here and there is plenty of demand for homes - both new and existing - which means that prices will continue to rise over time.

When it comes to buying a home outright or borrowing against your existing property value, there are a few things you should keep in mind:

1) Your down payment percentage should be at least 20%.

2) You should have excellent credit score(s).

3) You should have enough money saved up so that you can afford your monthly mortgage payments plus other associated costs such as property taxes and insurance premiums.

4) You should also be prepared for potential repairs or updates that may need to be made on your home after you purchase it - these can amount to tens or even hundreds of thousands of dollars.