22520, Montross, VA

The 22520 zip code of Montross, VA has a median home value of $183,200 and a median home equity of $137,000. This is significantly higher than the national median home value of $157,500 and the regional median home equity of $128,700. The 22520 zip code also has a significantly higher percentage of homeowners (79%) than the national homeownership rate (63%).

One possible explanation for this discrepancy is that Montross is a wealthier area. The 2016 American Community Survey showed that the median household income in the 22520 zip code was $130,000, which is significantly higher than the national median household income of $53,046. Additionally, according to Zillow’s 2018 Home Value Index report, Montross ranks as one of the most expensive zip codes in Virginia with a median home value above $200K. These factors may contribute to why more households in the 22520 zip code own their homes outright compared to other areas across America.

Despite these advantages however, there are some challenges associated with living in the 22520 zip code. One issue is that housing prices are relatively high which can be difficult for people who are trying to save for a down payment on a house or who are looking to purchase their first home. Additionally, many households in this area rely on their homes as their primary source of income which can make it difficult if they lose their jobs or if they experience financial difficulties. Despite these challenges however, overall homeownership rates andhome values suggest that people in this area have confidence in the long-term stability and health of their housing market.