92262, Palm Springs, CA

The home equity and home prices in the 92262 zip code of Palm Springs, CA are very high. The median home value in this zip code is $1,040,000, which is more than double the national median home value of $217,500. Additionally, the percentage of homes in this zip code that are worth more than $1 million is significantly higher than the national average of just over 2%.

One possible explanation for these high home values and percentages is that Palm Springs is a desirable location. The city has a warm climate and plenty of amenities, including golf courses and luxury resorts. Additionally, many wealthy people live in this area due to its close proximity to Los Angeles. As a result, there are a lot of buyers who are willing to pay top dollar for properties here.

However, despite these high prices, it's important to keep in mind that not everyone can afford to live in Palm Springs. In fact, according to Zillow's recent report on affordability across the United States , only 4% of homes in the 92262 zip code are affordable for someone making the median income (which is around $75k). This means that most people who want to buy a property here will have to come up with at least 20% more money than what they would typically need for an equivalent property elsewhere in the country.