90640, Montebello, CA

Home Equity and Home Prices in Montebello, CA

The home equity and home prices in the 90640 zip code of Montebello, CA are very high. The median home value in this zip code is $527,000, which is more than double the statewide median home value of $179,500. Additionally, the percentage of homes that are worth more than their original purchase price is also high in this zip code. Approximately 78% of homes in this zip code are worth more than their original purchase price. This is much higher than the statewide average of 54%.

One reason for the high home values and percentage of homes that are worth more than their original purchase price in Montebello may be due to its proximity to Los Angeles. Many people who live in this zip code commute to work in Los Angeles or other major cities located near by. Therefore, they may be able to afford to buy a house that is significantly higher priced than average due to its location and access to amenities such as schools and jobs. Additionally, many people who live in Montebello may have invested money into their homes over time through mortgage payments or other means such as equity loans or lines of credit which has increased their value.