94062, Redwood City, CA

The 94062 zip code of Redwood City, CA has a median home value of $1,049,000 and a median home equity value of $812,000. These values are higher than the California statewide median home value of $748,500 and the national median home equity value of $269,200. The reason for these high values is likely due to the high concentration of affluent residents in this zip code.

Another contributing factor to these high values is that Redwood City is a relatively new city that was developed in the late 1960s and early 1970s. As such, there are limited older homes available for sale or rent in this area. Additionally, many homes in this zip code were built with large down payments which allowed their owners to borrow against the equity in their homes. As interest rates have risen over the past few years, many homeowners have been struggling to pay off their mortgages and have seen their home equity values decline accordingly.