23606, Newport News, VA

The 23606 zip code of Newport News, VA is located in the Hampton Roads region of Virginia and has a population of over 154,000 people. The median household income in this zip code is $81,500 and the median home value is $269,900.

There has been a significant increase in home equity and home prices within the 23606 zip code since 2007. In 2007, the median home value was $222,500 and the median home equity was $79,600. By 2016, the median home value had increased to $269,900 and the median home equity had increased to $154,700. This indicates that there has been a significant increase in both homeownership rates and home values within this zip code over the past seven years.

One reason for this increase in homeownership rates and home values may be due to the low interest rates that have been available during this time period. Low interest rates make it more affordable for people to buy homes outright or borrow against their homes to finance their purchases. Additionally, low interest rates may encourage people to invest money into their homes instead of spending it on other investments or spending it on rent or other expenses associated with living in a rental property.

Another factor that may have contributed to this increase in homeownership rates and home values within the 23606 zip code is demographic change. Over time, more families are choosing to live in Newport News because of its strong economy and high quality of life. Families who are looking for an affordable place to live with good schools nearby may be drawn to Newport News because of its relatively low cost of living compared to other areas of Virginia or other states nationwide. Additionally, many new housing developments have been built within close proximity to each other which has led to increased competition among buyers for available homesites. As a result of these factors (low interest rates, demographic change), it appears that there is likely going continue be an increase in homeownership rates and home values within this zip code over time as long as these trends continue