98947, Tieton, WA

The Tieton zip code of 98947 has a population of just over 10,000 people and a median household income of $92,000. The home equity in this zip code is valued at $256,000 on average, which is higher than the national median home equity value of $161,200. The home prices in this zip code are also higher than the national median home price of $197,500.

One reason for the high home equity values in this zip code may be the high level of education attainment among residents. Nearly two-thirds (64%) of residents have a college degree or higher, which is significantly higher than the national average rate of 36%. Additionally, nearly half (48%) of households own their homes outright compared to just under one-third (31%) nationally. These factors may contribute to the high levels of homeownership and consequently increased levels of home equity.

Another factor that may contribute to the high levels of home equity in this zip code is the low level of unemployment here. In March 2018, Tieton had an unemployment rate of 2%, which was lower than both the Washington state average unemployment rate (3%) and the national average unemployment rate (4%). This low level of unemployment may lead to increased demand for housing and consequently increased prices for homes in this area.

Overall, it appears that there are several factors contributing to the high levels of home equity in this zip code including strong economic indicators such as low unemployment rates and high levels educational attainment rates. While there are some risks associated with owning a house such as potential market volatility or interest rates going up, overall it appears that homeownership and especiallyhome Equity are very beneficial investments for people living in Tieton