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ZIP Code · VA

ZIP 23503

Part of Norfolk, VA
Pop. 30,216·Norfolk City·155th most expensive ZIP in Virginia
Median rent (all units)
$1,636/mo
Year-over-Year
+16.3%
Month-over-Month
-0.4%
vs US Median
-$329
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 23503 · $1,636
More affordable than 64% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,390
1 BR
$1,410
2 BR
$1,600
3 BR
$2,220
4 BR+
$2,610
Research median
$1,600/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,632/yr
At $1,636/mo median
Location
StateVA
CountyNorfolk City
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 16.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+16.3% YoY, -0.4% MoM), not inventory.
Demographics

Who lives here

ZIP 23503 (Norfolk, VA) is roughly split between renters and owners, 31.4% of residents hold a bachelor's degree or higher.

Population
30,216
Median income
$67,649
Median age
35.5
Renters
52.6%
Age distribution
18.9%
29.7%
26.8%
14.3%
Under 1818.9%
18–3429.7%
35–5426.8%
55–6410.3%
65+14.3%
Gender
50.9%
49.1%
Male50.9%
Female49.1%
Race & ethnicity
61.3%
18%
13.6%
White61.3%
Black18%
Hispanic13.6%
Asian3.4%
Other3.6%
Education (25+)
26.8%
33.8%
31.4%
No HS diploma8%
HS diploma26.8%
Some college33.8%
Bachelor's+31.4%
Housing tenure
47.4%
52.6%
Owner47.4%
Renter52.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 23503 in Norfolk, VA has changed in 5 years

Rent
$1,028 → $1,636
up 59.1%
Income
$56,433 → $67,649
up 19.9%
Population
30,770 → 30,216
down 1.8%
Renter share
56.2% → 52.6%
-3.6 pts
Bachelor's+
28.2% → 31.4%
+3.2 pts
Median age
34.2 → 35.5
+1.3 yrs

Rent in ZIP 23503 in Norfolk, VA has increased 59.1% since 2021, going from about $1,028 per month to roughly $1,636 today. Median household income grew from $56,433 to $67,649 between 2021 and 2024, a 19.9% shift. Rent outpaced income growth by roughly 39.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 30,770 to 30,216 between 2021 and 2024, a 1.8% change. About 52.6% of households rent today, against 56.2% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 28.2% to 31.4%. Taken together, the five-year picture in ZIP 23503 in Norfolk, VA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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Local insights

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About renting in ZIP 23503

Last updated: July 20, 2026

ZIP code 23503 covers Norfolk, VA. The median rent here is $1,636/mo as of July 2026. A 1-bedroom rents for a median of $1,410/mo. A 2-bedroom rents for a median of $1,600/mo.

At 29% of local median household income ($67,649/yr), ZIP 23503 ranks as affordable compared to the national benchmark of 30%. Rents have increased 16.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 23503?

As of July 20, 2026, the median monthly rent in ZIP 23503 (Norfolk, VA) is $1,636. This is based on aggregated data from public sources and community submissions.

How does ZIP 23503 rent compare to the US average?

ZIP 23503's median rent of $1,636/mo is $329 (17%) below the US national median of $1,965/mo.

How does ZIP 23503 compare to other ZIPs in Virginia?

ZIP 23503 is among the more affordable ZIP codes in Virginia, ranking #155 out of 198 ZIPs at $1,636/mo.

How much income do you need to rent in ZIP 23503?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (~$31/hour full-time) to afford the median rent of $1,636/mo in ZIP 23503. The local median household income is $67,649/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 23503?

Rent in ZIP 23503 has increased 16.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 23503 an affordable place to rent?

ZIP 23503 is considered affordable for renters. At $1,636/mo, rent takes approximately 29% of the local median household income ($67,649/yr). The standard benchmark is 30%. ZIP 23503 falls comfortably within that range.

What percentage of ZIP 23503 residents rent vs. own?

According to Census data, approximately 52.6% of ZIP 23503 households are renters, while 47.4% are owner-occupied. With a majority renter population, ZIP 23503 has a strong rental market.

How does ZIP 23503 compare to the rest of Norfolk?

ZIP 23503 is more affordable than Norfolk overall. At $1,636/mo, it's $116 below the Norfolk citywide median of $1,752/mo.

When was rent data for ZIP 23503 last updated?

Rent data for ZIP 23503 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
29%
AFFORDABLE

At $1,636/mo, rent takes ~29% of ZIP 23503's median household income ($67,649/yr). The standard benchmark is 30%.

ZIP 23503 29%Benchmark 30%
State income tax2–5.75%
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Schools nearby

Public schools near ZIP 23503 (Norfolk, VA)

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