97374, Scio, OR

The 97374 zip code of Scio, OR is located in the Willamette Valley region of Oregon. The area has a population of about 10,000 and an average household income of around $60,000. Home values in the 97374 zip code have been increasing at a rate of about 5% annually over the past few years. This has led to a rise in home equity values in this area, which currently stands at around $225,000 on average.

Home equity is important because it represents the value of your home minus your outstanding mortgage debt. It can be used as collateral for a new loan or to pay down existing debt. In addition, home equity can be used to purchase other assets such as stocks or bonds. Because home values are rising faster than inflation in the 97374 zip code, homeowners are seeing their home equity grow faster than their overall income. This means that many residents are able to use their home equity to finance other investments or pay down debts more quickly than they would have otherwise been able to do.