23188, Williamsburg, VA

Home Equity and Home Prices in the 23188 Zip Code of Williamsburg, VA

The 23188 zip code of Williamsburg, VA has a median home value of $225,000. This is higher than the national median home value of $177,500. The average home value in this zip code is also higher than the Virginia statewide average home value of $183,700. The high home values in this zip code may be due to the presence of many affluent residents and businesses in the area.

Despite the high home values, there are still a number of homeowners who are struggling to pay their mortgages. According to Zillow’s 2018 Mortgage Report for ZIP codes within 100 miles of Washington D.C., the mortgage delinquency rate for homeowners in this zip code is 2%. This means that approximately 2% of homeowners in this zip code are currently delinquent on their mortgages. This rate is much higher than the Virginia statewide mortgage delinquency rate which is 1%. However, it should be noted that this data only includes mortgages that have been recorded with a lending institution and does not include loans that are in foreclosure or have been repossessed by lenders.

Despite the high mortgage delinquency rate, there are still a number of homeowners who are able to afford their homes thanks to their equity investments. According to Zillow’s 2018 Home Value Index report, the median home value for ZIP codes within 100 miles of Washington D.C. that have at least one million dollars worth of equity (i.e., excluding primary residences) is $417,000. Therefore, despite having high home values compared to other areas in Virginia and nationwide, most homeowners in this zip code are able to maintain or increase their wealth over time thanks to their equity investments."