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Norfolk city, VA

ZIP 23503 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 23503

Median Home Value
$273,100
Median Rent
$1,032
Affordability Snapshot
$75,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,754/mo PITI).

20%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

4.4x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

22.1 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 23503 in Norfolk city, VA, a household would need roughly $75,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,754. That is about 20% above the local median household income ($62,428), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
49.0%-25% vs US avg
x
Vacancy Rate
7.6%-26% vs US avg
x
Broadband Access
90.0%+3% vs US avg
x
4+ Bedrooms
3.1%-79% vs US avg
x
Built Pre-1939
9.5%-26% vs US avg
x
Built Post-2014
0.4%-95% vs US avg
x
Rent Burden >30%
26.8%-46% vs US avg
x
Mortgage-Free
28.1%-26% vs US avg
x
$273,100
Home Value
$1,032
Rent
1964
Year Built
2017
Moved In

Residents have lived here since ~2017 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached45.8%
  • 1-unit attached10.7%
  • 2-9 units29.3%
  • 10+ units14.3%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$273,100
Median rent$1,032
Owner-occupied49.0%
Vacant7.6%
Price-to-income4.4x
Est. income to buy$75,000