23702, Portsmouth, VA

The Portsmouth, VA 23702 zip code is located in southeastern Virginia and has a population of approximately 106,000. The median household income in the zip code is $71,811 and the median home value is $248,500. Home equity in the zip code has increased by approximately 116% since 2007, which indicates that there is a high demand for housing in this area.

There are several factors that contribute to the high demand for housing in the Portsmouth, VA 23702 zip code. First, the area has a low unemployment rate and a strong economy. Second, there is a large population of military families who are able to afford expensive homes due to their generous military benefits packages. Third, many people living in the Portsmouth, VA 23702 zip code are young professionals who can afford to purchase homes on their own or with help from their parents or other family members. Fourth, many people living in the Portsmouth, VA 23702 zip code have access to good jobs and earn enough money to be able to afford a home without having to rely on government assistance programs like food stamps or welfare.

Despite these positive factors, there are some challenges that face homeowners in the Portsmouth, VA 23702 zip code when it comes to home equity. First of all, prices have increased significantly over the past few years which makes it difficult for people who were not able to buy homes during previous market cycles to come up with enough money nowto purchase a home outright. Second of all,, although interest rates have been relatively low recently,, they could rise at any time which would make it more difficult for homeowners who are carrying high levels of debt on their mortgages or other loans relatedto purchasing a home. Finally,, although prices have been increasing rapidly,, they could eventually decline if there is an economic recessionor another periodof low inflationary pressurein which casehomeowners would lose more money than they had previously gained from increasesin home equity