88231, Eunice, NM

Home equity is the value of a homeowner's home minus any outstanding mortgages or other debts on the property. In Eunice, NM, home equity averaged $144,000 in 2016. This is up from $134,000 in 2015 and $128,000 in 2014. The average home value in Eunice has also increased over this time period; it was $269,500 in 2016 compared to $236,500 in 2015 and $221,500 in 2014.

The increase in home values can be attributed to several factors. Rising prices across the country have made homes more affordable for people who are looking to buy or upgrade their homes. Additionally, low interest rates have encouraged people to borrow money against their homes and use the money to purchase a new or nicer home. Finally, Eunice has seen an influx of new residents over the past few years which has led to an increase demand for housing units and consequently higher home prices.

While homeownership rates have been on the decline nationwide for many years now, Eunice still has a high rate of homeownership (81%). This is likely due to the fact that there are not many available housing units available for purchase within the city limits and those that are available typically cost more than what most people can afford. Additionally, Eunice residents tend to stay put for a long time – typically 10-15 years – which helps keep property values high since there is little turnover among homeowners.

While rising home values are great news for some people (especially those who have been able to buy a house at a discounted price), they can also lead to some challenges down the road if someone cannot afford their mortgage or if their job loses its importance and they no longer qualify for a mortgage loan because their income falls below certain thresholds. In either case, it may be necessary for someone to sell their house at a lower price than what they originally paid so that they can cover costs associated with owning (such as property taxes and insurance) without having any equity left over after those expenses are paid off.