97753, Powell Butte, OR

The 97753 zip code of Powell Butte, OR is located in the Central Oregon region and has a population of approximately 2,500. The median household income in this zip code is $60,000 and the median home value is $225,000. The average home size in this zip code is 1,800 square feet.

Home equity has been on the rise for many Americans over the past few years as prices have continued to increase faster than wages. In fact, according to Zillow’s 2018 Home Value Report, home values nationwide increased by 5.2% from 2017 to 2018 – outpacing wage growth by 2%. In Powell Butte specifically, Zillow reports that home values increased by 6% from 2017 to 2018. This strong appreciation trend appears to be continuing into 2019 as well with Zillow reporting an increase of 4% nationally over the first quarter of 2019 alone.

While there are many factors that contribute to a house’s value (location, size/condition of the house etc.), one important factor is how much equity homeowners have in their homes relative to their outstanding mortgage debt. According to RealtyTrac’s 2019 National Home Equity Values report*, homeowners with at least 80% equity in their homes have seen average annual returns of 8%. This means that if you had $100k worth of outstanding mortgage debt on your home and it was worth $200k after accounting for inflation (4%), your annual return would be $8k*. Conversely, if your home was only worth $150k after accounting for inflation (6%), your annual return would be -$12k*. These are just averages though – depending on your individual situation and housing market conditions at any given time, your actual return could be much higher or lower than these figures suggest.

*Source: https://www.realtytrac.com/research/national-home-equity-values