23124, New Kent, VA

The 23124 zip code of New Kent, VA has a median home value of $218,000 and a median home equity of $119,000. This means that the majority of homeowners in this zip code have more equity in their homes than they do debt. Additionally, the average mortgage rate in this zip code is 4.2%, which is lower than the national average of 5.1%. These factors indicate that homeowners in this zip code are likely to be able to afford their mortgages and stay in their homes for a long time.

Despite these positive indicators, there are some potential risks associated with owning a home in the 23124 zip code. One such risk is that home prices can fluctuate significantly over time, which could lead to significant financial losses if you sell your home at a low price and wait too long to buy another one. Additionally, if you need to take out a loan to purchase your home or if you have high credit scores, you may be able to get a lower interest rate than if you had taken out a loan from a different source. However, these risks should not outweigh the benefits of owning your own home in the 23124 zip code.