89429, Silver Springs, NV

The 89429 zip code of Silver Springs, Nevada is located in the Las Vegas metropolitan area. The median home value in this zip code is $239,900 and the median home equity is $101,200. This means that the majority of homes in this zip code are worth more than their original purchase price. Additionally, there has been an increase in home prices over the past few years, with values increasing by 6.5% from 2013 to 2014 and by 9% from 2014 to 2015.

There are a number of reasons why home values have increased in this zip code over the past few years. First and foremost, Silver Springs is a desirable location due to its proximity to popular tourist destinations like Las Vegas and Lake Mead National Recreation Area. Additionally, Silver Springs has a high rate of population growth (2% per year), which leads to an increased demand for housing units. Finally, many homeowners have taken advantage of low interest rates available on mortgages since the 2008 financial crisis to invest their money into purchasing homes rather than stock markets or other risky investments.

Despite these positive trends, there are some potential challenges that could affect home prices in this zip code in the future. For example, if interest rates rise above current levels or if there is a significant decrease in demand for housing units within Silver Springs due to economic recession or another event outside of homeowners’ control, then prices may decline significantly. In addition, although many homeowners have taken advantage of low interest rates available on mortgages since 2008, if rates increase significantly those borrowers may find it difficult to repay their loans at current levels and may be forced into foreclosure proceedings or other negative financial situations.