95838, Sacramento, CA

The Sacramento zip code 95838 has a population of over 1 million people and is one of the most populous in California. The median home value in this zip code is $378,000, which is significantly higher than the statewide median home value of $217,500. In addition, the percentage of homes in this zip code that are owner-occupied is significantly higher than the statewide percentage of owner-occupied homes at 69%. This suggests that there are a lot of homeowners in this area who are doing well financially.

One reason why the home values in this zip code are so high is likely because there are a lot of affluent residents living here. The median household income in this zip code is $105,000, which is above the statewide median household income of $77,500. Additionally, the percentage of households earning over $200,000 per year is also high compared to the statewide percentage of households earning over $200,000 per year at 12%. This indicates that there are a lot of wealthy people living in this area and they are likely contributing to the high home values.

Another factor that may be contributing to the high home values in this area are the low interest rates currently being offered on mortgages. The average interest rate on mortgages in Sacramento right now is just 3.5%, which is much lower than the statewide average interest rate of 4.4%. This means that it's relatively easy for homeowners who want to buy a house here to get approved for a mortgage and they can generally afford to pay more for their house than someone who lives elsewhere in California or nationwide.

Overall, it appears that there are many reasons why homes prices and home equity levels have been increasing rapidly within the Sacramento zip code 95838 over recent years. It seems like many affluent residents have decided to move into this area and they're helping drive up prices while low interest rates continue to make buying a house an affordable proposition for many people.