ZIP 23703 - 860Z200US23703 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP code 23703, located in Portsmouth, Virginia, this demographic and housing snapshot offers a clear picture of the area based on 2023 data. With a population of over 26,000 and a diverse community, this ZIP code presents unique opportunities and considerations for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics to help you understand what living or operating in 23703 entails.

Population & Households

ZIP 23703 is home to 26,364 residents, making it a moderately sized community with a mix of families, professionals, and individuals. These residents are distributed across 9,962 households, reflecting a variety of living arrangements, from single-family homes to rental units. With 10,856 total housing units in the area, there’s a slight surplus of housing compared to occupied households, which could indicate availability for new residents or investors looking for properties.

Income & Housing Costs

The median household income in ZIP 23703 stands at $75,804, suggesting a stable economic base for many residents. This income level supports a range of lifestyles and can be a key factor for businesses targeting middle-income consumers. On the housing front, the median home value is $273,700, which positions 23703 as a relatively accessible market for homebuyers in the region, especially when compared to higher-cost areas nearby. For renters, the median rent is $1,377 per month, reflecting a competitive rental market that may appeal to those not yet ready to buy or seeking flexibility.

Race & Ethnicity

The demographic makeup of ZIP 23703 is notably diverse, offering a rich cultural tapestry for residents and businesses alike. The population is composed of 46.51% Black or African American, 37.85% White, 7.39% Hispanic or Latino, and 1.79% Asian residents, among other groups. This diversity can be a significant draw for those seeking an inclusive community or for businesses aiming to serve a broad customer base with varied needs and preferences.

Key Facts

• Total population: 26,364 residents in 2023.
• Total households: 9,962, indicating a mix of family and individual living arrangements.
• Total housing units: 10,856, suggesting potential availability for new occupants.
• Median household income: $75,804, reflecting a solid economic foundation.
• Median home value: $273,700, offering a relatively affordable entry point for buyers.
• Median rent: $1,377, competitive for the area’s rental market.
• Racial diversity: Predominantly Black (46.51%) and White (37.85%), with notable Hispanic (7.39%) and Asian (1.79%) populations.

What This Means for You

For homebuyers, ZIP 23703 offers a promising opportunity with median home values at $273,700, which could be within reach for many middle-income earners. The slight surplus of housing units may also mean less competition when searching for a property. However, with a median rent of $1,377, renting might be a viable short-term option if you’re not ready to commit to buying.

For investors and real estate agents, the area’s diversity and stable median income of $75,804 suggest a reliable tenant or buyer pool. The gap between total housing units and occupied households could point to opportunities for flipping properties or developing rental units, especially in a market where demand for affordable housing persists.

For small-business owners, the diverse population of 26,364 and the solid income levels provide a strong foundation for targeting a wide range of customers. Whether you’re opening a retail store, restaurant, or service-based business, the cultural mix in 23703 can help you tailor offerings to meet varied community needs.

For analysts, these metrics offer a snapshot of a balanced community with economic stability and housing potential. The data can serve as a baseline for deeper studies into market trends or community development needs in this ZIP code.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into 23703? Start by visiting ZipcodeGPT to access powerful demographic and housing analysis tools.
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