Zip code 22303, located in Huntington, Virginia, has experienced significant changes in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The ownership percentage in zip code 22303 has shown a slight decline over the years, with some fluctuations. In 2013, the homeownership rate stood at 48%, dropping to 45% by 2019, before rebounding slightly to 47% in 2022. Concurrently, average home prices have demonstrated a steady upward trend. In 2010, the average home price was $282,612, rising to $399,274 by 2019, and reaching $486,846 in 2022. This represents a substantial increase of 72% over 12 years. The inverse relationship between declining homeownership rates and rising home prices suggests that increasing property values may have made homeownership less accessible for some residents.

Federal interest rates have played a significant role in shaping homeownership trends in zip code 22303. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.13%. During this period, homeownership rates remained relatively stable, ranging from 46% to 48%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018 and 2.16% in 2019, a slight decrease in homeownership rates was observed, dropping to 44% in 2018. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.

Renter percentages in zip code 22303 have shown a gradual increase, mirroring the decline in homeownership. The percentage of renters rose from 51% in 2013 to 54% in 2019, before slightly decreasing to 53% in 2022. Average rent prices have also experienced an upward trend, increasing from $1,699 in 2013 to $1,942 in 2022, representing a 14.3% increase over nine years. The rise in both renter percentages and average rent prices could be attributed to the growing population in the area, which increased from 13,024 in 2010 to 16,275 in 2022, putting pressure on the rental market.