93616, Del Rey, CA

Home Equity and Home Prices in the 93616 Zip Code of Del Rey, CA

The home equity and home prices in the 93616 zip code of Del Rey, CA are very high. The median home value is $1,848,000 and the average home value is $2,527,000. The median household income is $118,500 and the average household income is $157,500. These high home values are due to a number of factors including the large number of wealthy residents in this zip code and the strong economy.

There are a number of reasons why homeowners in this zip code have been able to increase their home equity over time. First, there is a high concentration of wealthy residents in this area who can afford to buy more expensive homes. Second, Del Rey has been one of the fastest-growing areas in California over the past few years which has led to an increase in housing prices. Finally, Del Rey has a low unemployment rate which means that there are plenty of jobs available for people who want them.

Despite these positive factors, there are some risks associated with owning a home in this zip code. First, there is a risk that house prices will decline over time if the economy weakens or if there are other problems with the local economy. Second, homeowners may have to pay higher interest rates than they would if they were buying a house elsewhere because lenders view this area as more risky than other parts of California. Third, although Del Rey has a low foreclosure rate overall (3% as of 2016), there is still a risk that someone could lose their house if they cannot repay their mortgage or if they get into financial trouble.