93720, Fresno, CA

The Fresno zip code 93720 has a population of over 209,000 people and a median home value of $130,000. Home equity in this zip code is relatively high, with over 50% of households owning their homes outright or with a mortgage that is less than 80% of the value of the home. This high level of home equity is likely due to the low cost of living in Fresno and the strong economy in California.

The average monthly payment on a mortgage in this zip code is $1,828. This low monthly payment indicates that most households in this zip code are able to afford their homes without having to rely on debt financing. Additionally, the fact that over 50% of households own their homes outright or have mortgages that are less than 80% of the value of their homes shows that there is strong demand for housing in this area.

Despite these positive trends, there are some factors that could lead to decreased home values in the Fresno zip code 93720. For example, if interest rates increase significantly from their current levels, it could lead to more homeowners defaulting on their mortgages and losing access to valuable equity in their homes. Additionally, if there were a significant increase in prices for housing within this area, many homeowners who currently have high levels of equity would be unable to sell their homes at market prices due to restrictive lending criteria imposed by banks and lenders.