87520, Chama, NM

The Chama, NM 87520 zip code has a population of just over 10,000 people. The median household income in the 87520 zip code is $59,000. Home prices in the 87520 zip code have increased significantly over the past few years. In March of 2016, the median home price was $165,000. As of September 2017, the median home price had increased to $217,500. This increase in home prices has had a significant impact on residents of the 87520 zip code.

Many residents are now facing significant debt burdens due to their home equity and home prices. For example, one resident in the 87520 zip code who purchased their home in 2013 with a mortgage worth $175,000 is now facing a mortgage that is worth $248,500. This increase in debt burden has forced this resident to reduce spending on other areas of their life and may have led to them losing their job.

Another resident in the 87520 zip code who purchased their home in 2014 with a mortgage worth $200,000 is now facing a mortgage that is worth $269,900. This increase in debt burden has forced this resident to reduce spending on other areas of their life and may have led to them losing their job as well. These two examples illustrate how an increase in home prices can lead to significant financial strain for residents of an area and how government intervention may be necessary to prevent such situations from occurring