89506, Reno, NV

Reno, Nevada is a city located in the western United States. The population of Reno was estimated to be around 692,000 people as of 2016. Reno is situated in Northern Nevada and is bordered by Lake Tahoe to the south and east, Carson City to the northeast, and Sparks to the north. The city of Reno has been known for its casinos and resorts since it was founded in 1868. In recent years, however, Reno has become known for its high-quality housing stock and strong economy.

Home equity is a key component of homeownership in the United States. Home equity refers to the value of a homeowner's home above what they owe on their mortgage or other loan obligations. Home prices are also an important factor in home equity ownership. In general, homes that are worth more than what a homeowner owes on their mortgage are considered to have "home equity."

According to data from Zillow®, as of September 2017, the median home value in the 89506 zip code of Reno was $269,200. This means that approximately one-third (33%)of all homes in this zip code were worth more than what their owners owed on their mortgages or other loan obligations as of September 2017. This percentage is higher than average for both ZIP codes within Nevada (ZIP code 99501 has a median home value of $229,600) and all U.S. ZIP codes (the national median home value is $181,200).

The 89506 zip code also had a higher rate of homeownership than average for both Nevada (77% vs 64%) and all U.S. ZIP codes (70%). Additionally, according to Zillow's® data as of September 2017:

The 89506 zip code also had a higher rate of homeownership than average for all U.S., metropolitan statistical areas (MSAs), with 78%. Only two out of fifty U . S . MSAs had rates higher than 78%: Honolulu County on Hawaii Island at 82% and Marin County on California's Golden Gate Peninsula at 83%.

There are several factors that may contribute to why homes in the 89506 zip code are worth more than what their owners owe on their mortgages or other loan obligations:

1) The area surrounding Reno has been experiencing strong economic growth over recent years due to its many casino resorts and businesses related thereto; this growth has led to increased demand for housing stock among locals and tourists alike 2) The quality of construction within this area tends to be high - which may account for some portion (~20%)of homes being worth more than what borrowers owe 3) There is relatively low levels Of foreclosures activity within this zipcode - which may indicate that there isn't an oversupply or glutting market for properties within this area 4) Finally - although not always determinative - location can play an important role when it comes to determining whether or not a property will be worth more than what someone owes on their mortgage 5) All these factors together likely contribute towards making up around 33%of all homes within this zipcode being valued above what borrowers owe