ZIP 23503
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12-month history
Last updated: October 17, 2026
What the numbers show
November. Asking rents in ZIP 23503 usually run 0.5% below trend in November and 0.6% above it in August, about $18 a month apart at today's median. Based on 11 years of data.
Rent in ZIP 23503 is at its highest level since Zillow's records here began in January 2015.
Rent in ZIP 23503 changed +7.4% over the year to September 2026. Across the 169 Virginia ZIP codes Zillow tracks, the typical change was +3.4%.
From 2019 to 2024, rent in ZIP 23503 rose 55.1% while median household income rose 25.4% ($53,963 to $67,649). Rent outpaced income.
Rent in ZIP 23503 is 69.9% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 2 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($67,649) is $1,691 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,600); a 3-bedroom is $2,220.
4th cheapest of 11 ZIP codes in Norfolk.
ZIP 23504, 6 miles away, rents for 12% less ($1,457/mo), about $2,300 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 23503. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 23503 in Norfolk, VA has changed in 5 years
Rent in ZIP 23503 in Norfolk, VA has increased 53.3% since 2021, going from about $1,076 per month to roughly $1,650 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 33.4 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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Tips for renters in ZIP 23503
Last updated: October 17, 2026
ZIP code 23503 covers Norfolk, VA. The median rent here is $1,650/mo as of October 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 7.4% over the past year.
Frequently asked questions
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How does ZIP 23503 compare to the rest of Norfolk?
At $1,650/mo, rent takes ~29% of ZIP 23503's median household income ($67,649/yr). The standard benchmark is 30%.
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