36525, Creola, AL

The Creola, AL 36525 zip code has a median home value of $119,000. The home equity for this zip code is $41,000. This means that the majority of homeowners in this zip code have more equity in their homes than they originally paid for them. Additionally, the average home price growth in this zip code over the past five years has been 5%. This indicates that there is strong demand for homes in this area and that prices are likely to continue rising.

One reason why homeowners may have more equity in their homes is because of the low interest rates currently available. For example, according to Bankrate.com, the current rate on a 30-year fixed-rate mortgage is 3.94%. This means that if you were to borrow $100,000 using a fixed-rate mortgage today, you would only pay back $103,940 over the course of 30 years (assuming no additional interest or fees are incurred). In comparison, if you borrowed money using a variable-rate mortgage today (which is what most people do), you would pay back $128,500 over the same period (assuming no additional interest or fees are incurred). Therefore, by choosing a fixed-rate mortgage today, you could potentially save yourself thousands of dollars in total interest payments over the course of your loan term.

Another reason why homeowners may have more equity in their homes is because house prices typically grow faster than inflation over long periods of time. For example, according to Zillow®, as of September 2017 house prices had increased 5% year-over-year in Creola – which was significantly faster than both inflation (1%) and wage growth (2%). Therefore even if you don’t make any additional improvements to your home – such as adding extra bedrooms or upgrading your appliances – its value will continue to increase over time due to rising house prices alone.

Overall then it can be seen that homeownership rates are high and there is strong demand for homes within the Creola 36525 zip code – which likely means that prices will continue to rise in coming years. If you're thinking about buying a home within this area – or if you already own one and want to see how much equity you have available - it's important to consult with an experienced real estate agent who can help guide you through all of your options."