94710, Berkeley, CA

Home Equity and Home Prices in the 94710 Zip Code of Berkeley, CA

In the 94710 zip code of Berkeley, CA, home equity and home prices are both high. According to Zillow, the median home value in this zip code is $1,072,500. This is a significant increase from the median home value of $814,000 that was reported in 2009. In addition to high home values, there has been an increase in the number of homes that are worth over $1 million. As of 2016, there were 18 homes in this zip code that were worth over $1 million. This represents a 57% increase from 2009 when there were only 10 homes worth over $1 million.

One reason for the high home values and increased number of homes worth over $1 million is likely due to the strong economy that has been present in California since 2007. The unemployment rate in California has been below 5% for most of this time period which has helped to keep demand for housing high. Additionally, many people who live in this zip code are wealthy professionals who can afford to buy a house even if their income does not exceed the median household income ($54,046). In addition to being wealthy professionals, many people who live in this zip code are also college graduates which may also contribute to higher home values and increased number of homes worth over $1 million.