90031, Los Angeles, CA

Home Equity and Home Prices in the 90031 Zip Code of Los Angeles, CA

The home equity and home prices in the 90031 zip code of Los Angeles, CA are very high. In fact, according to Zillow, the median home value in this zip code is $1.1 million. This is significantly higher than the national median home value of $181,500. Additionally, the percentage of homes sold for over $1 million is also high in this zip code. This indicates that there are a lot of wealthy residents in this area who are able to purchase expensive homes.

One reason why home values are so high in this zip code is because there are a lot of affluent residents here. The city of Los Angeles is one of the most populous cities in America and it has a large population of wealthy people who can afford to buy expensive homes. Additionally, many wealthy people live in this area because it has great schools and access to amenities like shopping and entertainment districts. Therefore, it's not surprising that home values are so high here.

However, despite the high prices homeownership rates remain relatively low due to restrictive lending standards imposed by banks during the housing crisis years 2008-2010 (Zillow). For example, if you had a good credit score you could get a mortgage even if your income was lower than average which allowed more people to become homeowners during that time period (Zillow). However since 2010 lenders have been much more reluctant to approve mortgages for people with lower incomes which has led to increased homeownership rates among those who can afford them (Zillow). So while there may be a lot of millionaires living in this area they don't necessarily own their homes outright which keeps prices from becoming even higher overall.