23701, Portsmouth, VA

The 23701 zip code of Portsmouth, VA is home to a population of around 49,000 people. The median household income in this zip code is around $75,000, which is significantly higher than the national median household income of $53,046. However, despite this high median income, the 23701 zip code has a significantly lower homeownership rate than the national average homeownership rate of 67%.

This low homeownership rate can be largely attributed to the high cost of homes in this zip code. The average home price in the 23701 zip code is around $194,000, which is more than double the national average home price of $123,500. Additionally, mortgage rates in this zip code are significantly higher than they are nationwide. The average mortgage rate in the 23701 zip code is around 4.5%, which is much higher than the nationwide average mortgage rate of 3.9%.

Despite these high costs and high rates, there are still a number of households in the 23701 zip code that own their homes outright. Around 28% of households in this zipcode own their homes outright compared to the nationwide homeownership rate of 63%. This indicates that despite being faced with high costs and difficult mortgage terms, many households in Portsmouth are able to purchase or build their own homes.