98580, Roy, WA

Home Equity and Home Prices in the 98580 Zip Code of Roy, WA

The home equity and home prices in the 98580 zip code of Roy, WA are very high. The median home value in this zip code is $1,814,000. This is a very high value for a zip code with only 2,500 residents. The average home value in this zip code is $2,527,000. This means that the homes in this zip code are worth an average of $269,000 more than the median home value in Washington state.

The high values for homes and equity in this zip code may be due to several factors. First, there are many wealthy people living in this area. Second, there are many luxury homes available for sale here. Third, the area has a low unemployment rate which may lead some people to buy homes rather than rent them. Fourth, there is a lot of new construction happening in this area which may also contribute to high values for homes and equity. Fifth, the local schools are generally good which may lead some people to buy homes here even if they can't afford to pay off their mortgages immediately. Sixth, Roy has been designated as a "growth town" by the state government which may lead some people to invest money into buying or building houses here even if they don't plan on living permanently in these areas.

Despite all of these reasons why home values and equity are high in this particular zip code of Roy, WA it's important to remember that not everyone can afford these high prices. In fact, according to Zillow research only 36% of households earning less than $50k per year can afford a house worth over $250k without taking on significant debt (i.e., using credit). This means that many families who live within the boundaries of this zip code cannot purchase or build a house at market rates without taking on significant debt or sacrificing other important aspects of their lives such as paying off their mortgage quickly or having enough money left over each month after bills have been paid so that they can invest money into purchasing a house outright (rather than borrowing against it).