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Rental Insights for ZIP Code 23505 (Norfolk, VA)

Housing Rentals in ZIP Code 23505 (Norfolk, VA)

23505 ZIP Code in Virginia

A Detailed Snapshot of Renters in the ZIP Code 23505

The 23505 ZIP Code is predominantly located in Norfolk, VA in Norfolk (city) County. The estimated median housing rent in this Virginia region is $1,012 per month. About 65.9% of total housing units in this Norfolk (city) County ZIP Code are occupied by renters, while the estimated rental vacancy rate is 6.7%.

The median rent in ZIP Code 23505 of $1,012 per month is 18% lower than the aggregate Virginia median monthly rent of $1,234, and is 5% lower than the $1,062 the median monthly rent in the U.S. overall. Approximately 39.8% of residents in ZIP Code 23505 pay between $500 and $999 per month for rent. That is 47% higher than in Virginia overall, in which 27.1% of total state residents pay between $500 and $999 per month for housing. Just 0.3% of ZIP Code 23505 renters pay between $2,500 and $2,999 for monthly rent.

ZIP Code 23505 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 23505

See the chart below for a comparison of monthly rental costs in ZIP Code 23505, Virginia, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 23505 along with those in the state of Virginia and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 23505

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 23505 Virginia U.S.
Less than $500 9.1% 7.5% 9.4%
$500 to $999 39.8% 27.1% 36.2%
$1,000 to $1,499 31.4% 30.1% 30.0%
$1,500 to $1,999 15.2% 20.2% 14.0%
$2,000 to $2,499 2.3% 8.8% 5.6%
$2,500 to $2,999 0.3% 3.5% 2.4%
$3,000 or more 1.9% 2.8% 2.4%

Rent Cost vs. Income in ZIP Code 23505

Renters in ZIP Code 23505 use an estimated 30.52% of their income to cover their monthly rent payments. That is about 4% higher than in Virginia overall. The estimate for Virginia overall is 29.45% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 23505 renters use about 2% more of their income to cover rent expense. Household income figures for ZIP Code 23505 come in lower than in Virginia as a whole. The median annual household income in ZIP Code 23505 of $50,415 sits approximately 32% lower than the overall Virginia median income of $74,222 and approximately 20% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 23505

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 23505, Virginia, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 23505 along with the same calculations in the state of Virginia and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 23505

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 23505 Virginia U.S.
Less than 15.0 percent 10.2% 12.7% 13.1%
15.0 to 19.9 percent 12.3% 13.7% 12.9%
20.0 to 24.9 percent 13.5% 14.0% 12.9%
25.0 to 29.9 percent 13.7% 11.8% 11.6%
30.0 to 34.9 percent 8.4% 9.3% 9.1%
35.0 percent or more 41.9% 38.5% 40.5%

Household Income in ZIP Code 23505

See the table below for the regional comparison of annual household income in ZIP Code 23505.

Income ZIP 23505 Virginia U.S.
Less than $10,000 9.4% 5.1% 6.0%
$10,000 to $14,999 5.0% 3.4% 4.3%
$15,000 to $24,999 9.6% 7.2% 8.9%
$25,000 to $34,999 10.8% 7.4% 8.9%
$35,000 to $49,999 14.7% 11.0% 12.3%
$50,000 to $74,999 20.6% 16.4% 17.2%
$75,000 to $99,999 9.3% 13.0% 12.7%
$100,000 to $149,999 10.2% 17.0% 15.1%
$150,000 to $199,999 4.8% 8.7% 6.8%
$200,000 or more 5.5% 10.9% 7.7%

Household Income in ZIP Code 23505

See the chart below for a comparison of annual household income figures in ZIP Code 23505, Virginia, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 23505 alongside the same figures for the state of Virginia and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 23505

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 23505.

ZIP 23505 Virginia U.S.
Median Housing Rent $1,012 $1,234 $1,062
Renter-Occupied Housing Units 65.9% 33.7% 36.0%
Rental Vacancy Rate 6.7% 5.4% 6.0%
Average Size of Renter-Occupied Unit 2.46 2.48 2.49
Average # of Bedrooms Per Unit 2.47 2.97 2.75
Percent of Income Spent on Rent 30.52% 29.45% 29.83%
Per Capita Income $32,173 $39,278 $34,103
Median Household Income $76,805 $101,746 $88,607
Living Below the Poverty Line 14.7% 7.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 23505

In ZIP Code 23505 (Norfolk, VA), and estimated 65.9% of housing units are occupied by renters. This region has an approximate rental vacany rate of 6.7%.

The per capita income in 23505 is estimated at $32,173, which goes along with an estimated median household income of $76,805. About 14.7% of residents in this Norfolk (city) County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.46 occupants, while the units have an aggregate average size of 2.47 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 30.52% of their income on housing rental costs.

Rental FAQs for ZIP Code 23505

1

What is the median monthly rent in ZIP Code 23505?

Median rent for housing in ZIP Code 23505 in Norfolk (city) County in Virginia is approximately $1,012 per month.
2

Is it expensive to rent in ZIP Code 23505?

Rent in ZIP Code 23505 is lower than average in the state of Virginia overall. The median monthly rent of $1,012 in ZIP Code 23505 is approximately 18% lower than the Virginia median of $1,234. Additionally, median rent in this Norfolk, VA region ($1,012) is about 5% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 23505?

High-priced rentals are less common in ZIP Code 23505 than in Virginia overall. The percentage of rentals in ZIP Code 23505 that cost $3,000 or more per month (1.9%) is about 32% lower than the Virginia rate of 2.8% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 21% higher than the aforementioned 23505 rate of 1.9%.
4

Are affordable rentals common in ZIP Code 23505?

Affordable rentals are more common in ZIP Code 23505 than in Virginia overall. The percentage of housing rentals in ZIP Code 23505 costing $999 or less per month (48.9%) is approximately 41% higher than the Virginia rate of 34.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 7% lower than the previously mentioned 23505 rate of 48.9%.
5

What is the most common cost range that rentals fall into in ZIP Code 23505?

The most common range for rental cost in ZIP Code 23505 is between $500 and $999 per month. About 39.8% of renters in 23505 pay in this range for monthly rent. In comparison, approximately 27.1% of renters in the state of Virginia fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 23505 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 23505 is higher than the rental vacancy rate in the state of Virginia overall. Rental vacancy of 6.7% in ZIP Code 23505 is about 24% higher than the Virginia rate of 5.4%. Looking more broadly, rental vacancy in this Norfolk, VA region (6.7%) is an estimated 12% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 23505? How does it compare to other Virginia regions?

Median household income in ZIP Code 23505 is lower than in the state of Virginia overall. Annual household income of $50,415 in ZIP Code 23505 is about 32% lower than the Virginia median of $74,222. Additionally, median household income in this Norfolk, VA region ($50,415) is approximately 20% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 23505 spend on housing costs?

Renters in ZIP Code 23505 spend a higher amount of their income on rent costs than do renters in Virginia overall. Renters in ZIP Code 23505 spend an estimated 30.52% of their income on rent payments, which is about 4% higher than the overall Virginia estimated rate of 29.45%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 2% lower than the ZIP Code 23505 estimated rate of 30.52%.
9

Do renters in ZIP Code 23505 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 23505 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 23505 spending 30 percent or more of their income on rent costs (50.3%) is approximately 5% higher than the Virginia rate of 47.8% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 1% lower than the aforementioned 23505 rate of 50.3%.
10

What is the average household size of renter-occupied units in ZIP Code 23505?

The average household size of renter-occupied units in ZIP Code 23505 is lower than in the state of Virginia overall. Annual household size of 2.46 in ZIP Code 23505 is about 1% lower than the Virginia median of 2.48. Additionally, median household size in this Norfolk, VA region (2.46) is approximately 1% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Virginia ZIP Codes