95973, Chico, CA

Home Equity and Home Prices in the 95973 Zip Code of Chico, CA

The home equity and home prices in the 95973 zip code of Chico, CA are very high. The median home value in this zip code is $269,000, which is more than double the statewide median home value of $116,000. Additionally, the average home equity loan-to-value ratio (LTV) in this zip code is 97%, which is significantly higher than the statewide average LTV of 66%. This indicates that many homeowners in this zip code have a lot of equity in their homes.

One reason for this high level of equity may be that there are a lot of affluent residents living in this zip code. The percentage of households earning over $100,000 annually is above the statewide average and it has one of the highest percentages of households earning over $200,000 annually. Additionally, there are a lot of college-educated residents living in this zip code. The percentage of adults with at least a bachelor's degree is above the statewide average and it has one of the highest percentages of adults with at least a graduate degree. These factors may contribute to high levels of homeownership and strong demand for housing stock among affluent residents.

Despite these positive factors, there are some risks associated with owning a home in this zip code. One risk is that interest rates could rise over time and make it more difficult for homeowners to pay their mortgages. Another risk is that house prices could decline due to economic conditions or other factors outside homeowner control. However, overall homeownership rates appear to be stable or increasing so long as interest rates remain low and house prices remain relatively high compared to other areas within California.