97014, Cascade Locks, OR

In the 97014 zip code of Cascade Locks, OR, home equity and home prices are both high. According to Zillow, the median home value in this zip code is $269,900, which is significantly higher than the Oregon median of $217,500. Additionally, according to Trulia, the average home equity in this zip code is $146,000. This means that many residents in this area have a considerable amount of equity in their homes.

One reason for the high home values and equity in this area may be the strong economy. The unemployment rate in Cascade Locks is only 3%, which is much lower than the Oregon statewide unemployment rate of 5%. Additionally, Cascade Locks has a population that is highly educated – nearly half of its residents have at least a bachelor's degree. This likely contributes to the high demand for housing and strong economy in this area.

Another factor that may contribute to the high home values and equity in this area are low interest rates. According to Bankrate.com's mortgage calculator tool, the average interest rate on a 30-year fixed-rate mortgage in Oregon was 4.27% as of September 2017 – which is much lower than the national average interest rate of 4.84%. Therefore, it may be easier for residents to afford a house or purchase a house with less money down than it would be elsewhere in Oregon or nationwide.

Overall, it appears that there are many reasons why home values and equity are high in the 97014 zip code of Cascade Locks – including strong economy and low interest rates combined with highly educated population – making it an attractive place to live and purchase property