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Norfolk city, VA

ZIP 23508 — 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 23508

Median Home Value
$384,800
Median Rent
$1,177
Affordability Snapshot
$106,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,472/mo PITI).

19%
Rent-to-Income Ratio

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

5.2x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

27.2 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 23508 in Norfolk city, VA, a household would need roughly $106,000 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 $2,472. That is about 42% above the local median household income ($74,524), 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
50.9%-22% vs US avg
x
Vacancy Rate
8.2%-21% vs US avg
x
Broadband Access
93.6%+8% vs US avg
x
4+ Bedrooms
7.9%-46% vs US avg
x
Built Pre-1939
8.0%-37% vs US avg
x
Built Post-2014
0.8%-89% vs US avg
x
Rent Burden >30%
27.9%-44% vs US avg
x
Mortgage-Free
25.0%-35% vs US avg
x
$384,800
Home Value
$1,177
Rent
1953
Year Built
2018
Moved In

Residents have lived here since ~2018 on average

Housing Structure

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

  • 1-unit detached56.5%
  • 1-unit attached3.0%
  • 2-9 units25.0%
  • 10+ units14.9%
  • Mobile home & other0.6%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$384,800
Median rent$1,177
Owner-occupied50.9%
Vacant8.2%
Price-to-income5.2x
Est. income to buy$106,000