93940, Monterey, CA

The Monterey, CA 93940 zip code has a population of around 31,000 people and is located in the Central Coast region of California. The median home value in this zip code is $527,000 which is significantly higher than the national median home value of $181,500. This high home value can be attributed to the many affluent and well-educated residents who live in this area. Additionally, the local economy is strong and stable which also contributes to the high home values.

Despite these positive factors, there are some challenges that face homeowners in the Monterey, CA 93940 zip code. One issue is that interest rates are currently very low which makes it difficult for people to get loans for larger purchases such as homes or cars. Additionally, there has been an increase in housing prices relative to incomes over the past few years which may cause some people to struggle financially if they are not able to sell their homes at a high price. Overall though, homeownership rates are high and property values are increasing so long as there are no major economic or political disruptions.