Housing market/Virginia/ZIP 23505
ZIP 23505 Norfolk, Virginia
Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area · Virginia. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.
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HUD schedule, ACS stock, and the 90–110% band for ZIP 23505 · VA — sent to you.
ZIP 23505 · VA
ACS rent vs 2BR SAFMR
ZIP 23505 — Norfolk, VA HUD Section 8 Payment Standards / SAFMR →ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.
Housing stock
ACS 2023 units-in-structure · ZCTA 23505
- 1-unit detached5,66341.3%
- 1-unit attached1,1408.3%
- 2–4 units2,39417.5%
- 5–49 units3,42225.0%
- 50+ units1,0647.8%
- Mobile320.2%
2–4 unit share 17.5% · 5–49 unit share 25.0% · combined 2–49 42.4%.
Units by bedrooms
Rent burden
- ACS median gross rent $1,279 (all bedrooms, occupied rentals).
- Median contract rent $1,089.
- Renters paying ≥30% of income 54.5%; ≥50% 29.2%.
- FY2027 2BR SAFMR $1,600 (1.251× ACS median gross rent).
Population
28,983 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: -1.8%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 7 projects, 1,213 units.
- HUD project-based assisted MF: 5 properties, 464 assisted units.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 9 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.
Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.
What the data shows
ZIP 23505 63.7% of occupied households are renters; vacancy is 6.8%; ACS median gross rent is $1,279; population changed -1.8% between the 2018 and 2023 ACS vintages; the housing stock includes 2,394 units in 2–4-unit structures and 3,422 units in 5–49-unit structures; 7 LIHTC projects totaling 1,213 units; FY2027 2BR SAFMR is $1,600 versus ACS median gross rent of $1,279. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.
Virginia research
ZIP 23505 is a Census / HUD profile for Virginia Beach-Norfolk-Newport News, VA-NC, VA. Not a listing page. Brokerage is Georgia; out-of-state work is referral.
ZIP 23505 — Norfolk, VA HUD Section 8 Payment Standards / SAFMR·Virginia ZIP directory
Nearby ZIPs in this FMR area
Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Virginia research. Brokerage is Georgia.
FAQ
What is the housing market like in ZIP 23505?
ZIP 23505 (Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area) has 28,983 residents, 12,788 households, a renter share of 63.7%, median household income of $55,678, and ACS 2023 median gross rent of $1,279. Vacancy is 6.8%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 23505?
ACS counts 670 units in 2-unit buildings, 1,724 in 3–4 unit buildings, 1,936 in 5–9, 819 in 10–19, and 667 in 20–49. Combined 2–49 unit stock is 5,816 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 23505?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,600. See the full schedule and 90–110% payment-standard band on the ZIP 23505 — Norfolk, VA HUD Section 8 Payment Standards / SAFMR.
Does this Virginia ZIP profile include Georgia listings?
No. ZIP 23505 is Census / HUD research for Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Jeff Crowe CRE does not list Virginia property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.