97466, Powers, OR

The zip code 97466 in Powers, Oregon has a median home value of $247,900 and a median home equity value of $144,700. These values are significantly lower than the statewide median home value of $374,500 and statewide median home equity value of $212,000. The reason for this discrepancy is likely due to the fact that Powers is located in a rural area with few homes for sale and those that are for sale typically have lower prices.

In addition to the low home values, Powers also has a high rate of homeownership. As of 2016, 87% of households in the zip code were owner-occupied which is above the state average of 74%. This high rate may be attributable to the fact that Powers is an agricultural community with many families who have lived there for generations. It should also be noted that Powers has seen an increase in population over the past decade which may have contributed to the increase in homeownership rates.

Despite these factors, there are some signs that suggest housing prices may be on the rise in Powers. For example, according to Zillow’s Home Value Index (HVI), values increased by 5% from January 2017 to January 2018 which was faster than the 3% national average growth rate during this time period. Additionally, although mortgage rates remain relatively high compared to other areas across Oregon and nationwide, they have been declining recently which could lead to an uptick in housing prices over time if more people are able to purchase homes using traditional financing methods.