95023, Hollister, CA

The 95023 zip code of Hollister, California has a population of around 25,000 people. The median household income in this zip code is $60,000 which is lower than the statewide median household income of $79,000. The homeownership rate in this zip code is around 63% which is lower than the statewide homeownership rate of 69%. The average home value in this zip code is $269,500 which is higher than the statewide average home value of $209,500.

The 95023 zip code has a high home equity rate because it has a low homeownership rate and a high home value. Home equity refers to the total value of all assets owned by a homeowner minus all liabilities owed on those assets. In Hollister, homes are worth more than what people owe on them so homeowners have more money available to borrow against their homes and use that money to buy other assets or pay off debts. This creates an environment where people can afford to borrow more money and increase their borrowing capacity over time which leads to an increase in home equity rates.

Home equity rates are also affected by interest rates and mortgage availability. Interest rates are determined by the Federal Reserve Board and they impact how much banks will charge for loans they make to consumers such as mortgages. Mortgage availability refers to how many houses are available for sale and how much buyers are willing to pay for them. When there are more houses available for sale and buyers are willing to pay more for them, then lenders will be less likely to offer loans at high interest rates which would lead to an increase in home equity rates in that particular area because borrowers would be able to afford larger mortgages with those higher interest rates.