ZIP 23503 - 860Z200US23503 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 23503, located in Norfolk, Virginia, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 30,000 and a diverse community, this ZIP code presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Let’s dive into the key metrics—population, income, housing costs, and racial composition—to help you make informed decisions.

Population & Households

ZIP 23503 is home to 30,559 residents, making it a moderately sized community within the Norfolk area. These individuals are distributed across 14,177 households, reflecting a mix of family structures and living arrangements. With 15,350 total housing units in the area, there’s a slight surplus of homes compared to occupied households, which could indicate availability for new residents or investors looking for rental properties. This balance between population and housing stock is worth noting if you’re evaluating the area’s capacity for growth or stability.

Income & Housing Costs

The median household income in ZIP 23503 stands at $62,428, positioning it as a middle-income area with reasonable earning potential for residents. When it comes to housing, the median home value is $273,100, which offers a relatively accessible entry point for homebuyers compared to pricier coastal markets. For renters, the median rent is $1,195 per month, reflecting a cost that aligns with the income levels of many households here. These figures suggest a balanced housing market, where owning or renting could be viable depending on your financial goals.

Race & Ethnicity

ZIP 23503 boasts a diverse population, with a racial and ethnic composition that reflects a blend of backgrounds. White residents make up 55.56% of the population, followed by Black residents at 19.71%. Hispanic individuals account for 13.48%, while Asian residents represent 3.11%. This diversity can be a significant draw for those seeking a multicultural community, whether you’re relocating, opening a business, or investing in property. Understanding this mix can help tailor services, marketing, or community engagement strategies to resonate with local residents.

Key Facts

• Total population: 30,559 residents in 2023, indicating a sizable community.
• Total households: 14,177, showing a strong base of local families and individuals.
• Total housing units: 15,350, suggesting potential availability for new occupants.
• Median household income: $62,428, reflecting a middle-income demographic.
• Median home value: $273,100, offering a moderate entry point for buyers.
• Median rent: $1,195, providing a reasonable cost for renters.
• Diverse population: 55.56% White, 19.71% Black, 13.48% Hispanic, 3.11% Asian.

What This Means for You

For homebuyers, ZIP 23503 offers a compelling mix of affordability and diversity. With a median home value of $273,100, you can find properties that fit a range of budgets, while the community’s cultural mix fosters a welcoming environment. If you’re a real estate investor or agent, the slight surplus of housing units (15,350 total vs. 14,177 households) hints at opportunities for rentals or flips, especially with a median rent of $1,195 that could attract steady tenants. Small-business owners can benefit from the area’s diversity and population size—over 30,000 potential customers—by offering products or services tailored to varied cultural needs. Finally, analysts can use these metrics to assess market trends, housing demand, or economic stability in this part of Norfolk. Whether you’re buying, investing, or building, ZIP 23503 provides a solid foundation for your next move.

Run This Study Yourself

• Curious about other ZIP codes or deeper insights into ZIP 23503? Start by visiting ZipcodeGPT to access powerful demographic tools.
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• Use the data to make informed decisions for your home purchase, investment strategy, or business plan with confidence.