23703, Portsmouth, VA

The Portsmouth, VA 23703 zip code has a median home value of $137,000 and a median home equity of $106,000. This is significantly lower than the national median home value of $217,500 and the national median home equity of $142,700. The Portsmouth 23703 zip code also has a significantly lower homeownership rate than the national homeownership rate of 68.9%.

One potential explanation for this discrepancy is that the Portsmouth 23703 zip code has a higher percentage of renters than the national average. According to Census data, 34% of households in this zip code are renters, compared to 27% of households nationally. This may account for some of the difference in home values between this zip code and other areas across the country.

Another factor that could contribute to lower home values in the Portsmouth 23703 zip code is its high percentage of homes with mortgages versus homes with equity. Mortgage debt accounts for 58% of all household debt in this area, which is much higher than the 33% mortgage debt nationwide. This could lead to less available money to invest in property values and make it harder for residents to purchase or upgrade their homes over time.