88240, Hobbs, NM

Home Equity and Home Prices in the 88240 Zip Code of Hobbs, NM

The home equity and home prices in the 88240 zip code of Hobbs, NM are very high. The median home value in this zip code is $269,000, which is more than triple the national median home value of $100,000. Additionally, the percentage of homes that are owned outright by their occupants is very high at 94%. This means that most residents in this zip code have a lot of equity in their homes.

One reason for this high level of equity may be the low unemployment rate in this area. The unemployment rate was just 2.9% as of May 2016, which is much lower than the national average unemployment rate of 5%. Additionally, there are a number of businesses located in this zip code that may be attracting new jobs to the area. These businesses include an oil refinery and a wind farm.

Despite these positive factors, there are some risks associated with owning a home in this zip code. One such risk is that interest rates could rise over time and make it difficult for homeowners to afford their mortgages. Another potential risk is that the housing market could decline and leave homeowners with significant losses on their investments. However, overall it seems likely that homeownership will remain a popular investment option in this area for years to come.