98531, Centralia, WA

Home Equity and Home Prices in the 98531 Zip Code of Centralia, WA

Centralia is located in King County, Washington. The zip code for Centralia is 98531. According to the 2010 census, the population of Centralia was 1,814. The median household income in the zip code of 98531 was $60,000. The median home value in the zip code of 98531 was $130,000.

According to Zillow’s Home Value Index for King County (ZHVI), which measures home values relative to market conditions from January 1st to December 31st each year, the median home value in Centralia increased by 7% from 2009 to 2010 and by 13% from 2008 to 2009. In 2010, Zillow’s Home Value Index ranked Centralia as number 116 out of 522 zip codes across King County with a median home value of $130,000. This means that on average homes in Centralia are worth approximately 73% more than homes in King County as a whole.

The increase in home values can likely be attributed to several factors:

-The low rate of unemployment (<5%)

-A relatively low percentage of homeowners who owe more on their mortgages than their homes are worth (~10%)

-Low interest rates (<4%), which have helped keep down monthly payments

-Strong economic growth over recent years

-Location – central location within King County makes it an attractive area for people looking for housing near job opportunities and other amenities