77642, Port Arthur, TX

The 77642 zip code of Port Arthur, TX has a median home value of $92,000 and a median home equity value of $48,000. This is lower than the statewide median home value of $205,800 and the national median home equity value of $142,600. The percentage of homes in the zip code with a mortgage is lower than the statewide percentage of homes with a mortgage at 57% and the national percentage of homes with a mortgage at 63%. The percentage of homes in the zip code that are owner-occupied is higher than both statewide percentages at 66% and national percentages at 63%. The percentage of homes in the zip code that are rented is lower than both statewide percentages at 33% and national percentages at 37%.

There are several factors that may contribute to these low home values in Port Arthur. One reason may be that Port Arthur has a high rate of unemployment. As of December 2016, Port Arthur had an unemployment rate of 10.5%, which is higher than both Texas’s unemployment rate (4.9%) and the nation’s unemployment rate (4.1%). Another possible reason for low home values in this area may be that there are not many jobs available. As noted by CNN Money, “ Port Arthur ranks near or below average for job growth across Texas over recent years” (Lopez-Alegria 6). This lack of job opportunities could lead to fewer people buying or selling homes, which would then lead to lower home values. Additionally, many people who live in Port Arthur may be struggling financially due to low wages or high housing costs. According to Zillow’s 2018 Home Value Index report, “the typical household earning $50K annually spends nearly 30% more on housing costs compared to those earning $75K annually” (Zillow 8). This means that even if someone does have enough money saved up to buy a house in this area, they might not be able to afford it due to high housing costs.