98117, Seattle, WA

The 98117 zip code of Seattle, WA has a median home value of $481,200 and a median home equity value of $236,000. The 98117 zip code has a population of about 107,000 people and is located in the northwest part of the city.

There are several factors that contribute to the high home values in the 98117 zip code. First, Seattle is one of the most expensive cities in which to live. Second, there is a large number of wealthy residents who have invested in homes over the years. Third, there is a strong demand for housing due to increasing population growth and an influx of new businesses and workers. Finally, many homeowners have taken advantage of low interest rates over the past few years to increase their home equity values.

Despite these positive trends, there are some risks associated with owning a home in the 98117 zip code. First, prices may continue to rise faster than inflation over the long term due to strong demand and limited supply. Second, if interest rates rise significantly from their current low levels (which is likely), many homeowners could find themselves facing significant debt payments on their homes that they may not be able to afford. Third, if someone loses their job or experiences other financial difficulties, they may be unable or unwilling to make necessary repairs or updates on their property which could lead to decreased value and potential foreclosure proceedings.