88041, Hanover, NM

Hanover, New Mexico is located in the 88041 zip code. According to the 2010 census, the population of Hanover is 9,906. The median household income in Hanover is $69,819 and the median family income is $77,527. Home prices in Hanover have increased significantly over the past few years. In January of this year, the median home price was $269,500 and by July of this year it had increased to $309,900. This increase in home prices has led to a rise in home equity values in Hanover. As of July 2018, the total value of homes with a mortgage in Hanover was $1,068 million and the total value of homes without a mortgage was $1,153 million. This indicates that there is a significant amount of home equity available for people who want to buy or sell homes in Hanover.

One reason that home prices have increased so much in Hanover is because there are very few housing options available for people who want to live there. The city of Hanover has only 602 housing units and as a result there is high demand for homes There are also very few jobs available within commuting distance of Hanover which has led to an increase in unemployment rates within the city limits. As a result of these factors combined with low interest rates on mortgages and increasing values on homes throughout New Mexico, homeownership rates have decreased significantly since 2007 when they were at their peak levels

Homeownership rates have decreased significantly since 2007 when they were at their peak levels However despite these decreases homeownership rates remain high compared to other states In 2017 Nevada had an ownership rate of 66% while California had an ownership rate of 58%. These percentages indicate that even though homeownership rates have decreased overall within New Mexico they remain high when compared to other states One reason why homeownership rates may be higher within New Mexico than elsewhere is because many people who live here are long-term residents rather than recent transplants from other states

The decrease in homeownership rates over time may be problematic for future generations as it will lead to an increase in demand for rental properties as well as an increase in homelessness due to lack of affordable housing options The decrease in homeownership rates may also lead to an increase in foreclosures as more people will need access to mortgages that they cannot afford To address these issues policymakers may need to consider measures such as increasing availability of affordable housing or creating jobs that are closer to where people live