07514, Paterson, NJ

The 7514 zip code of Paterson, NJ has a median home value of $60,000. The home equity in this zip code is $24,000. This means that the majority of homeowners in this zip code have less than 20% of their home's value invested in their homes. This is significantly lower than the national average which is around 35%.

There are several factors that may contribute to the low home equity in this zip code. One reason may be that many homeowners here are still paying off their mortgages or have low credit scores which can make it difficult to get a loan for a larger purchase like a home. Additionally, many people in this area are renters who may not have as much invested in their homes as homeowners who live here permanently would.

Despite these factors, there are some homeowners in the 7514 zip code who do have a significant amount of equity in their homes. For example, one homeowner owns his home outright and has over 50% of his home's value invested in it. Another homeowner bought his home within the last few years and has already started to see an increase in its value due to increased demand within the area.

Overall, while there are some homeowners who have a lot of equity in their homes, most residents here rely on theirhome equity to supplement other forms of income rather than relying on it as their primary source of income.