ZIP Code · FL

ZIP 32503

Part of Pensacola, FL

Pop. 33,559·Escambia County·464th most expensive ZIP in Florida

Median rent (all units)

$1,849/mo

Year-over-Year

+2.1%

Month-over-Month

+0.4%

vs US Median

-$83

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 32503 · $1,849

More expensive than 52% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,160

1 BR

$1,310

2 BR

$1,530

3 BR

$2,030

4 BR+

$2,470

Research median

$1,530/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 32503 is at its highest level since Zillow's records here began in November 2021.

Past year vs. the rest of Florida

Rent in ZIP 32503 changed +2.1% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 9 months in a row, and rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($71,411) is $1,785 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,530); a 3-bedroom is $2,030.

Rank in Pensacola

8th cheapest of 10 ZIP codes in Pensacola.

Cheaper nearby

ZIP 32504, 2 miles away, rents for 21% less ($1,469/mo), about $4,600 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 32503. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$22,188/yr

At $1,849/mo median

Location

CityPensacola

StateFL

CountyEscambia County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.1% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 32503 (Pensacola, FL) is majority owner-occupied, skews toward younger working-age adults, 42.2% of residents hold a bachelor's degree or higher.

Population

33,559

Median income

$71,411

Median age

34.8

Renters

30.8%

Age distribution

16.5%

33.8%

21.3%

18.1%

Under 1816.5%

18–3433.8%

35–5421.3%

55–6410.2%

65+18.1%

Gender

46.1%

53.9%

Male46.1%

Female53.9%

Race & ethnicity

66.4%

18.9%

White66.4%

Black18.9%

Hispanic6.5%

Asian3.2%

Other5%

Education (25+)

20.7%

30.4%

42.2%

No HS diploma6.7%

HS diploma20.7%

Some college30.4%

Bachelor's+42.2%

Housing tenure

69.2%

30.8%

Owner69.2%

Renter30.8%

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

2022 vs 2026

How ZIP 32503 in Pensacola, FL has changed in 5 years

Rent

$1,542 → $1,849

up 19.9%

Income

$56,486 → $71,411

up 26.4%

Population

32,950 → 33,559

up 1.8%

Renter share

33.6% → 30.8%

-2.8 pts

Bachelor's+

37.3% → 42.2%

+4.9 pts

The median rent in ZIP 32503 in Pensacola, FL stood at $1,542 in 2022 and currently runs about $1,849, reflecting a 19.9% increase over the period. Median household income rose from $56,486 to $71,411 between 2021 and 2024, a 26.4% shift. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has grown by 1.8% since 2021, moving from about 32,950 residents to roughly 33,559. Renters now make up 30.8% of households, compared with 33.6% five years ago. College-educated residents now make up 42.2% of adults here, versus 37.3% in 2021. Taken together, the five-year picture in ZIP 32503 in Pensacola, FL 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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About renting in ZIP 32503

Last updated: October 17, 2026

ZIP code 32503 covers Pensacola, FL. The median rent here is $1,849/mo as of October 2026. A 1-bedroom rents for a median of $1,310/mo. A 2-bedroom rents for a median of $1,530/mo.

At 31% of local median household income ($71,411/yr), ZIP 32503 ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 32503?

To keep rent at or below 30% of gross income, you would need to earn at least $74,000/year (about $36/hour full-time) to afford the median rent of $1,849/mo in ZIP 32503. The local median household income is $71,411/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 32503?

Rent in ZIP 32503 has risen 2.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in November 2021.

How does ZIP 32503 compare to other ZIPs in Florida?

ZIP 32503 is one of the more affordable among Florida ZIP codes for rent, ranking #464 of 656 at $1,849/mo. Over the year to September 2026, rent in ZIP 32503 changed +2.1%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.