02875, Shannock, RI

The 2875 zip code of Shannock, Rhode Island has a median home value of $119,000 and a median home equity value of $111,000. These values are relatively high when compared to the rest of the state. The average home value in Rhode Island is $79,500 and the average home equity value is $86,700.

There are several factors that may contribute to these high values in the 2875 zip code. First, Shannock is located in an affluent area of the state. It has a population density of only 2 people per square mile which is much lower than the statewide average of 101 people per square mile. This low population density may lead to higher prices for homes because there are not as many competing buyers. Second, Shannock has a high rate of homeownership which may lead to increased demand for homes and higher prices. Third, Shannock has a low unemployment rate which may lead to increased demand for homes and higher prices. Finally, Shannock has a low foreclosure rate which may also contribute to high home values.

Despite these factors, it is important to keep in mind that there can be other reasons why a particular house might have a higher or lower home equity value than other houses in the same neighborhood or town. For example, if there have been recent upgrades or repairs made to the property that were not done by its original owner (such as new roofing), its home equity value will likely be higher than if no such upgrades had been made.