22969, Schuyler, VA

Home Equity and Home Prices in the 22969 Zip Code of Schuyler, VA

The home equity and home prices in the 22969 zip code of Schuyler, VA are very high. The median home value in this zip code is $369,000. This is a far higher median home value than any other zip code in Virginia. The highest median home value in Virginia is located in the Richmond suburb of Henrico County with a median home value of $510,000. The 22969 zip code has a much higher percentage of homes with a mortgage than any other zip code in Virginia. More than two-thirds (68%) of homes in this zip code have a mortgage. This is much higher than the statewide average of 54%. The reason for this high percentage of homes with a mortgage may be due to the high level of home equity that residents have in this zip code. In fact, more than half (54%) of all households in this zipcode have at least 50% equity in their homes. This means that they can borrow money against the value of their homes and still maintain ownership and control over their property. Another factor that may contribute to the high level of homeownership within the 22969 zip code may be its low unemployment rate. In March 2018, Schuyler had an unemployment rate of 2%. This is lower than both the statewide average unemployment rate (3%) and the national average unemployment rate (4%). These low rates may be contributing factors to why so many households within this ZIP Code have significant equity in their homes.