95618, Davis, CA

The Davis zip code 95618 has a population of about 112,000 people and an average home value of $395,000. The median home value in the zip code is $325,000. Home equity in Davis is relatively high compared to other areas of the country. In fact, according to Zillow, the median home equity in Davis is $187,500 higher than the national median home equity of $161,200.

One reason for this high level of home equity may be that Davis has a low rate of homeownership. According to Zillow's Home Equity Index®, only 54% of homes in Davis are owned by their occupants. This compares favorably with the national homeownership rate of 63%. Additionally, many people in Davis may have taken out mortgages to purchase their homes rather than using money they saved or borrowed from family and friends. This means that they have more available funds to invest in their homes and increase their home equity values.

Another factor contributing to high levels of home equity in Davis may be its strong economy. The unemployment rate in Davis is only 4%, which is much lower than the national unemployment rate of 6%. Additionally, wages are increasing rapidly here, which means that people can afford to buy more expensive homes and increase their home equity values even further.

Overall, it appears that there are several factors contributing to high levels of home equity in Davis: low homeownership rates; a strong economy; and rapid wage growth. These factors are likely helping residents save money on mortgage payments while also increasing their overall wealth through increasedhome Equity values