95348, Merced, CA

The 95348 zip code of Merced, CA has a median home value of $217,500. This is significantly higher than the statewide median home value of $157,600. The 95348 zip code also has a high percentage of homeowners with equity in their homes. In fact, over 60% of homeowners in the 95348 zip code have equity in their homes. This is significantly higher than the statewide average of just over 50%.

One reason for this high level of equity may be the relatively low rate of foreclosure in the 95348 zip code. Only 2% of homes in the 95348 zip code are currently subject to foreclosure proceedings, which is lower than both the statewide average (3%) and national average (5%). Additionally, Merced is one of only a few California cities that have not seen an increase in home prices since 2007. This may be due to strong economic growth and job opportunities in Merced as well as other nearby cities such as Fresno and Modesto.

Despite these positive factors, there are some challenges facing homeowners in the 95348 zip code. One issue is that wages have not kept up with inflation over the past several years, meaning that many families are struggling to make ends meet even with a healthy amount of home equity. Additionally, rising interest rates could lead to increased mortgage payments for some homeowners if they do not take steps to protect their investments by making sure they have adequate insurance coverage and by keeping up with regular mortgage payments and refinancing when necessary.