22845, Orkney Springs, VA

The 22845 zip code of Orkney Springs, VA has a median home value of $147,000 and a median home equity of $116,000. This is significantly lower than the national median home value of $217,500 and median home equity of $142,700. The 22845 zip code also has a significantly lower homeownership rate than the national homeownership rate of 66.7%.

There are several factors that may contribute to the lower home values in the 22845 zip code. First, Orkney Springs is located in an economically depressed area of Virginia. Second, there is a high level of foreclosures and short sales in this zip code. Third, many homes in this zip code are older and may not be in good condition. Fourth, there is a lack of available housing stock in this area which may drive up prices for existing homes. Fifth, there is a low level of education attainment in this zip code which may limit job opportunities and income growth potential for residents. Sixth, there is a high level of poverty and unemployment in this area which could lead to reduced spending power for residents and decreased demand for property values.