92320, Calimesa, CA

The Calimesa zip code 92320 has a population of just over 10,000 people and an average home value of just over $450,000. Home equity in this zip code is very high, with nearly two-thirds of households owning their homes outright or with a mortgage that is less than 80% of the value of the home. The average home price in this zip code has increased by more than 20% since 2007, making it one of the fastest-growing areas in California.

One reason for the high home equity in this area is that there are relatively few homeowners who are underwater on their mortgages - meaning that they owe more on their homes than the value of the property. In fact, only about 5% of households in Calimesa are currently underwater on their mortgages, which is much lower than most other parts of California. This low level of foreclosure activity may be due to several factors, including strong job growth and low interest rates.

Another factor contributing to high home equity in Calimesa is the fact that many residents here have been able to purchase homes at a discount compared to other areas in California. For example, the median price paid for a house in Calimesa was $240,000 less than the statewide median price during 2017. This difference may be due to several factors - including lower housing prices and tighter lending standards - but it has helped many residents here build significant equity within their homes over time.