02840, Newport, RI

The 2840 zip code of Newport, Rhode Island has a median home value of $225,000. This is significantly higher than the national median home value of $157,500. The 2840 zip code also has a high home equity rate of 84%. This means that homeowners in this zip code have a significant amount of equity in their homes.

One reason for the high home equity rate in the 2840 zip code is likely the low unemployment rate. Newport has an unemployment rate of 3%, which is lower than both the national unemployment rate (4%) and Rhode Island's unemployment rate (5%). Additionally, Newport has a low poverty rate of 10%. This means that many residents in this zip code are able to afford to buy or build a home without having to worry about financial hardship.

Another factor that may contribute to the high home equity rates in the 2840 zip code are the relatively low prices for housing compared to other areas of the country. The average price per square foot for homes in Newport is $145, which is much lower than both the national average price per square foot ($236) and Rhode Island's average price per square foot ($248). In addition, there are a large number of available homes for sale in Newport relative to other areas of the country. As a result, homeownership opportunities are more plentiful in Newport than they are elsewhere.