91755, Monterey Park, CA

The Monterey Park zip code 91755 has a population of around 107,000 people and is located in the San Gabriel Valley region of Los Angeles County. The median home value in this zip code is $269,000 which is significantly higher than the statewide median home value of $217,500. Home equity in this zip code has also been shown to be significantly higher than the statewide average with an estimated home equity value of $145,000. This high level of home equity can be attributed to a number of factors including strong economic conditions and low interest rates.

One important factor that affects home values is the availability of housing stock. In general, there are more expensive homes available in areas with a higher demand for property and vice versa. The Monterey Park zip code has a relatively low rate of homeownership which may contribute to its high level of home equity. Additionally, there are many affluent families who have chosen to live in this area due to its excellent schools and commute options. As a result, the demand for property is high which drives up prices.

Another important factor that affects home values is interest rates. Low interest rates make it easier for people to borrow money to buy homes and increase their home equity value over time. Since 2007, when the subprime mortgage crisis began, interest rates have remained relatively low which has helped fuel the growth in homeownership andhome equity values across the country.