92571, Perris, CA

The Perris, CA zip code 92571 has a population of approximately 103,000 people. The median household income in this zip code is $86,500, and the median home value is $248,900.

The Perris home equity market has seen strong growth over the past few years. In January of 2018, the home equity market in this zip code had an average home value of $247,600. This represents a 12% increase from January of 2017. Over the past twelve months, the average home value in this zip code has increased by 16%.

One reason for this strong growth in the Perris home equity market may be due to the low interest rates currently available on mortgages. The interest rate on a 30-year fixed-rate mortgage was 3.94% as of January 1st 2018 according to Freddie Mac data. This is significantly lower than the 5% rate that was available just five years ago. Additionally, many homeowners are able to get HELOCs (home equity lines of credit) which allow them to borrow against their homes without having to pay interest on their loans for a set period of time. As long as homeowners keep up with their monthly payments and do not exceed their borrowing limit, they will be able to continue receiving favorable interest rates on their HELOCs.

Another factor that may have contributed to the strong growth in the Perris home equity market is that there are a lot of homes available for sale in this zip code. According to Zillow data from December 2017 there were 97 active listings in this zip code compared to only 58 listings as of December 2016. This indicates that there are more buyers interested in purchasing homes in Perris than there are available homes for sale at present time.