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Norfolk city, VA

ZIP 23507 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Upper Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 23507

Median Home Value
$560,700
Median Rent
$1,312
Affordability Snapshot
$154,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$3,602/mo PITI).

15%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.2x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

35.6 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 23507 in Norfolk city, VA, a household would need roughly $154,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $3,602. That is about 43% above the local median household income ($107,650), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Diverse housing tenure.

Heating Fuel
Housing Metrics
Owner Occupied
44.9%-31% vs US avg
x
Vacancy Rate
7.0%-32% vs US avg
x
Broadband Access
96.4%+11% vs US avg
x
4+ Bedrooms
10.2%-31% vs US avg
x
Built Pre-1939
2.9%-78% vs US avg
x
Built Post-2014
1.5%-78% vs US avg
x
Rent Burden >30%
22.6%-55% vs US avg
x
Mortgage-Free
32.7%-14% vs US avg
x
$560,700
Home Value
$1,312
Rent
1938
Year Built
2018
Moved In

Residents have lived here since ~2018 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached29.3%
  • 1-unit attached5.5%
  • 2-9 units31.7%
  • 10+ units33.6%
  • Mobile home & other0.0%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$560,700
Median rent$1,312
Owner-occupied44.9%
Vacant7.0%
Price-to-income5.2x
Est. income to buy$154,000