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Rental Insights for ZIP Code 23523 (Norfolk, VA)

Housing Rentals in ZIP Code 23523 (Norfolk, VA)

23523 ZIP Code in Virginia

A Detailed Snapshot of Renters in the ZIP Code 23523

The 23523 ZIP Code is predominantly located in Norfolk, VA in Norfolk (city) County. The estimated median housing rent in this Virginia region is $829 per month. About 63.7% of total housing units in this Norfolk (city) County ZIP Code are occupied by renters, while the estimated rental vacancy rate is 8.6%.

The median rent in ZIP Code 23523 of $829 per month is 33% lower than the aggregate Virginia median monthly rent of $1,234, and is 22% lower than the $1,062 the median monthly rent in the U.S. overall. An estimated 42.1% of residents in ZIP Code 23523 pay between $500 and $999 per month for rent. That is 55% higher than in Virginia overall, in which 27.1% of total state residents pay between $500 and $999 per month for housing. Just 1.7% of ZIP Code 23523 renters pay between $2,500 and $2,999 for monthly rent.

ZIP Code 23523 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 23523

See the chart below for a comparison of monthly rental costs in ZIP Code 23523, Virginia, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 23523 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 23523

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

Cost ZIP 23523 Virginia U.S.
Less than $500 29.8% 7.5% 9.4%
$500 to $999 42.1% 27.1% 36.2%
$1,000 to $1,499 19.3% 30.1% 30.0%
$1,500 to $1,999 7.1% 20.2% 14.0%
$2,000 to $2,499 0.0% 8.8% 5.6%
$2,500 to $2,999 1.7% 3.5% 2.4%
$3,000 or more 0.0% 2.8% 2.4%

Rent Cost vs. Income in ZIP Code 23523

Renters in ZIP Code 23523 use an estimated 29.94% of their income to cover their monthly rent payments. That is about 2% 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 23523 renters use about 0% more of their income to cover rent expense. Household income figures for ZIP Code 23523 come in lower than in Virginia as a whole. The median annual household income in ZIP Code 23523 of $30,472 sits approximately 59% lower than the overall Virginia median income of $74,222 and approximately 52% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 23523

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 23523, 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 23523 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 23523

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

Rent Cost as % of Income ZIP 23523 Virginia U.S.
Less than 15.0 percent 18.1% 12.7% 13.1%
15.0 to 19.9 percent 11.3% 13.7% 12.9%
20.0 to 24.9 percent 4.3% 14.0% 12.9%
25.0 to 29.9 percent 13.7% 11.8% 11.6%
30.0 to 34.9 percent 9.8% 9.3% 9.1%
35.0 percent or more 42.9% 38.5% 40.5%

Household Income in ZIP Code 23523

See the table below for the regional comparison of annual household income in ZIP Code 23523.

Income ZIP 23523 Virginia U.S.
Less than $10,000 15.4% 5.1% 6.0%
$10,000 to $14,999 6.8% 3.4% 4.3%
$15,000 to $24,999 17.3% 7.2% 8.9%
$25,000 to $34,999 15.1% 7.4% 8.9%
$35,000 to $49,999 17.8% 11.0% 12.3%
$50,000 to $74,999 10.3% 16.4% 17.2%
$75,000 to $99,999 8.5% 13.0% 12.7%
$100,000 to $149,999 7.5% 17.0% 15.1%
$150,000 to $199,999 1.3% 8.7% 6.8%
$200,000 or more 0.0% 10.9% 7.7%

Household Income in ZIP Code 23523

See the chart below for a comparison of annual household income figures in ZIP Code 23523, Virginia, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 23523 alongside the same figures for the state of Virginia and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 23523

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 23523.

ZIP 23523 Virginia U.S.
Median Housing Rent $829 $1,234 $1,062
Renter-Occupied Housing Units 63.7% 33.7% 36.0%
Rental Vacancy Rate 8.6% 5.4% 6.0%
Average Size of Renter-Occupied Unit 2.89 2.48 2.49
Average # of Bedrooms Per Unit 2.77 2.97 2.75
Percent of Income Spent on Rent 29.94% 29.45% 29.83%
Per Capita Income $15,669 $39,278 $34,103
Median Household Income $41,446 $101,746 $88,607
Living Below the Poverty Line 28.4% 7.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 23523

In ZIP Code 23523 (Norfolk, VA), and estimated 63.7% of housing units are occupied by renters. This region has an approximate rental vacany rate of 8.6%.

The per capita income in 23523 is estimated at $15,669, which goes along with an estimated median household income of $41,446. About 28.4% of residents in this Norfolk (city) County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.89 occupants, while the units have an aggregate average size of 2.77 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 29.94% of their income on housing rental costs.

Rental FAQs for ZIP Code 23523

1

What is the median monthly rent in ZIP Code 23523?

Median rent for housing in ZIP Code 23523 in Norfolk (city) County in Virginia is approximately $829 per month.
2

Is it expensive to rent in ZIP Code 23523?

Rent in ZIP Code 23523 is lower than average in the state of Virginia overall. The median monthly rent of $829 in ZIP Code 23523 is approximately 33% lower than the Virginia median of $1,234. Additionally, median rent in this Norfolk, VA region ($829) is about 22% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 23523?

High-priced rentals are not common in the Norfolk, VA ZIP Code of 23523, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Virginia overall, approximately 2.8% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 23523?

Affordable rentals are more common in ZIP Code 23523 than in Virginia overall. The percentage of housing rentals in ZIP Code 23523 costing $999 or less per month (71.9%) is approximately 108% 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 58% lower than the previously mentioned 23523 rate of 71.9%.
5

What is the most common cost range that rentals fall into in ZIP Code 23523?

The most common range for rental cost in ZIP Code 23523 is between $500 and $999 per month. About 42.1% of renters in 23523 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 23523 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 23523 is higher than the rental vacancy rate in the state of Virginia overall. Rental vacancy of 8.6% in ZIP Code 23523 is about 59% higher than the Virginia rate of 5.4%. Looking more broadly, rental vacancy in this Norfolk, VA region (8.6%) is an estimated 43% 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 23523? How does it compare to other Virginia regions?

Median household income in ZIP Code 23523 is lower than in the state of Virginia overall. Annual household income of $30,472 in ZIP Code 23523 is about 59% lower than the Virginia median of $74,222. Additionally, median household income in this Norfolk, VA region ($30,472) is approximately 52% 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 23523 spend on housing costs?

Renters in ZIP Code 23523 spend a higher amount of their income on rent costs than do renters in Virginia overall. Renters in ZIP Code 23523 spend an estimated 29.94% of their income on rent payments, which is about 2% 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 0% lower than the ZIP Code 23523 estimated rate of 29.94%.
9

Do renters in ZIP Code 23523 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 23523 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 23523 spending 30 percent or more of their income on rent costs (52.7%) is approximately 10% 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 6% lower than the aforementioned 23523 rate of 52.7%.
10

What is the average household size of renter-occupied units in ZIP Code 23523?

The average household size of renter-occupied units in ZIP Code 23523 is higher than in the state of Virginia overall. Annual household size of 2.89 in ZIP Code 23523 is about 17% higher than the Virginia median of 2.48. Additionally, median household size in this Norfolk, VA region (2.89) is approximately 16% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Virginia ZIP Codes