97071, Woodburn, OR

The 97071 zip code of Woodburn, Oregon is located in the Central Valley and has a population of around 25,000. The median home value in this zip code is $269,900 which is about average for the area. Home equity in this zip code has been increasing over the past few years and as of 2016 it was at $287,200. This indicates that there are a lot of people who are able to borrow against their home equity to purchase additional property or to finance other types of expenses.

One reason that home equity has been increasing in this zip code is because there have been a lot of new homes being built here. This means that there are more potential buyers who are looking to invest in property and get a higher return on their investment. Additionally, the fact that mortgage rates have been low for some time now has helped increase home equity values even more.

There are some risks associated with having high levels of home equity, however. If there were an economic downturn or if interest rates increased significantly, then borrowers could find themselves struggling to pay back their loans. Additionally, if someone were to lose their job or experience other financial difficulties, they might be unable to make payments on their mortgages or home equity loans.