90402, Santa Monica, CA

The Santa Monica, CA zip code 90402 has a population of about 113,000 people and a median household income of about $92,000. The home equity in this zip code is around $1.4 trillion, which is significantly higher than the national average of $1.2 trillion. This high level of home equity is likely due to the high levels of home prices and home values in this area.

The average home price in Santa Monica, CA was over $1 million in 2017 and the median home value was over $1.5 million. The highest recorded home price in this zip code was over $3 million and the lowest recorded home price was under $700,000. Home prices have increased significantly since 2009 when the average home price was just over $800,000. In fact, since 2009 the average annual increase in home prices has been 18%.

Home equity is important because it allows homeowners to borrow against their homes to finance other expenses or investments such as education or retirement savings. Homeowners who have a high level of equity are more likely to stay in their homes for longer periods of time and are less likely to experience foreclosure or bankruptcy proceedings. Additionally, homeowners who have a high level of equity are more likely to refinance their homes if they need to take out a new loan or sell their homes quickly for an increased value.