98445, Tacoma, WA

Home Equity in the 98445 Zip Code of Tacoma, WA

The average home equity in the 98445 zip code of Tacoma, WA is $269,000. This means that homeowners in this area have a total equity of their homes that is greater than the amount owed on their mortgages. The average home value in this zip code was $269,000 as of September 2017. This means that homeowners have an overall net worth (the value of their homes minus any outstanding mortgages) of $269,000 or more.

The reason why home equity is so important is because it provides homeowners with a cushion against unexpected expenses and downturns in the economy. If something were to happen to one's job or if they were to lose their house through foreclosure, they would still be able to live comfortably thanks to their home equity. Additionally, having a large amount of home equity can also give homeowners a sense of security and peace of mind. Knowing that you are financially secure and have something valuable tied up in your house gives you a sense of stability and security that you may not find elsewhere in life.

It should be noted that there are some disadvantages to having high levels of home equity as well. For example, if someone loses their job or has other financial difficulties and cannot pay all their bills on time, having high levels of debt can put them at risk for foreclosure or other serious financial problems down the road. Additionally, if interest rates go up significantly (which they often do), then paying off high-interest loans could become much more expensive than originally anticipated. It is important for borrowers to stay informed about current interest rates so they can make informed decisions about whether or not it makes sense for them to take on high-interest debt obligations.

Overall, it appears that homeowners in the 98445 zip code are generally very happy with their level of home equity - especially compared to those who don't have any at all! While there are some potential downsides associated with having too much home equity (e.g., higher borrowing costs), most people seem content with how things turned out overall