ZIP 23505 - 860Z200US23505 — Demographic Snapshot (2023)

Overview

If you're considering a move, investment, or business opportunity in ZIP 23505, located in Norfolk, Virginia, this demographic and housing snapshot offers a clear picture of the area based on 2023 data. With a population of nearly 29,000 and a diverse community, this ZIP code presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics to help you make informed decisions about living or working in 23505.

Population & Households

ZIP 23505 is home to 28,983 residents, making it a moderately sized community within the Norfolk area. These individuals are spread across 12,788 households, reflecting a mix of family and individual living arrangements. With 13,715 total housing units, there’s a slight surplus of homes compared to occupied households, which could indicate availability for new residents or investors looking to enter the market. Understanding the population and household dynamics in 23505 is crucial for gauging demand for housing, services, and local businesses.

Income & Housing Costs

The median household income in ZIP 23505 stands at $55,678, which provides insight into the economic profile of the area. This income level suggests a working-to-middle-class community, where affordability plays a significant role in housing decisions. On the housing front, the median home value is $318,600, reflecting a market that may appeal to buyers seeking mid-range properties in the Norfolk region. For renters, the median rent is $1,279 per month, which aligns with the income levels but could pose challenges for lower-income households. These figures are essential for assessing affordability and investment potential in 23505.

Race & Ethnicity

The demographic makeup of ZIP 23505 is notably diverse, offering a multicultural environment that can enrich community life and business opportunities. The racial composition includes 44.23% White, 33.76% Black, 3.95% Asian, and 12.17% Hispanic residents. This diversity suggests a vibrant cultural landscape, which could be a draw for families and businesses aiming to serve a wide range of customers or clients. Understanding the ethnic composition of 23505 helps in tailoring services, marketing strategies, and community engagement efforts.

Key Facts

• Total population: 28,983 residents in ZIP 23505 as of 2023.
• Total households: 12,788, indicating a mix of family and solo living.
• Total housing units: 13,715, suggesting some availability for new occupants.
• Median household income: $55,678, reflecting a working-to-middle-class area.
• Median home value: $318,600, a mid-range option in the Norfolk market.
• Median rent: $1,279, a key consideration for affordability.
• Diverse community: 44.23% White, 33.76% Black, 3.95% Asian, 12.17% Hispanic.

What This Means for You

For homebuyers, ZIP 23505 offers a mid-range housing market with a median home value of $318,600, which could be attractive if you’re looking for a balance between cost and location in Norfolk. The slight surplus of housing units might mean less competition for available properties. However, with a median rent of $1,279, renting may be less affordable for some, so weigh your long-term plans carefully.

For investors and real estate agents, the diversity of the population and the availability of housing units in 23505 suggest potential for rental properties or fixer-uppers. The median income of $55,678 indicates a tenant base that may prioritize affordability, so focus on properties that offer value for money.

For small-business owners, the diverse demographic profile of 23505 is a significant advantage. Tailoring products or services to a multicultural audience—whether through inclusive marketing or culturally relevant offerings—could help you stand out. Additionally, the population size supports a steady customer base for local businesses.

For analysts, these metrics provide a foundation for deeper research into housing trends, economic stability, and community needs in 23505. The balance of income and housing costs, paired with diversity, offers a nuanced view of the area’s potential growth.

Run This Study Yourself

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