Zip Code:

23701, Portsmouth, VA

23701 is a Virginia Zip code within the city of Portsmouth and the county of Portsmouth city. Its population is roughly 23,951.

The Real Estate Market in the 23701 Zip Code of 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.

Price Index: Virginia Beach-Norfolk-Newport News, VA-NC

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