23518, Norfolk, VA

The 23518 zip code of Norfolk, VA is home to a population of around 190,000 people. The median household income in this zip code is $86,500, and the median home value is $236,000. This means that the home equity in this area is relatively high. In fact, according to Zillow’s Home Value Index (HVI), the average home equity in this zip code is $269,200.

This high level of equity may be due in part to the fact that Norfolk has a relatively low rate of unemployment compared to other areas of the country. The unemployment rate in Norfolk was 4.1% as of September 2017, which is lower than both the national unemployment rate (4.3%) and the Virginia unemployment rate (5%). Additionally, there are a number of jobs available in Norfolk that are likely attractive to residents because they pay well and have good benefits. For example, as of September 2017 there were 1,898 jobs listed on Indeed that paid over $50 per hour and had excellent benefits such as 401k matching contributions and health insurance coverage.

Despite these factors contributing to high levels of home equity in this area, it's important to keep in mind that market conditions can change quickly and unexpectedly. For example, during the housing crisis between 2006-2008 many homeowners who thought they were safe from foreclosure ended up losing their homes when prices fell below their mortgages' worth. Similarly, during the Great Recession between 2007-2009 many homeowners lost their homes due to falling prices and decreased demand for property ownership. So while it's generally safe for homeowners with good credit ratings to own their homes outright or have enough equity built up so that they can afford a mortgage payment even if prices decline slightly over time, there's always a risk that something could happen which would cause them difficulty paying their mortgage or even lose their home altogether