Housing market/Virginia/ZIP 23701
ZIP 23701 Portsmouth, 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.
ZIP brief
Email this profile
HUD schedule, ACS stock, and the 90–110% band for ZIP 23701 · VA — sent to you.
ZIP 23701 · VA
ACS rent vs 2BR SAFMR
ZIP 23701 — Portsmouth, 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 23701
- 1-unit detached8,07478.3%
- 1-unit attached5875.7%
- 2–4 units3283.2%
- 5–49 units1,25912.2%
- 50+ units700.7%
2–4 unit share 3.2% · 5–49 unit share 12.2% · combined 2–49 15.4%.
Units by bedrooms
Rent burden
- ACS median gross rent $1,313 (all bedrooms, occupied rentals).
- Median contract rent $1,017.
- Renters paying ≥30% of income 47.9%; ≥50% 19.6%.
- FY2027 2BR SAFMR $1,520 (1.158× ACS median gross rent).
Population
24,430 residents · ACS 2023
Change versus the 2018 ACS 5-year estimate: +1.9%.
ACS 5-year estimates lag current construction. This is not a forecast.
Assisted inventory
- LIHTC: 4 projects, 459 units.
- HUD project-based assisted MF: 1 properties, 5 assisted units.
- HCV household counts (Picture of Subsidized Households) are not on this page yet.
New apartment permits
About 50 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 23701 33.7% of occupied households are renters; vacancy is 6.5%; ACS median gross rent is $1,313; population increased +1.9% between the 2018 and 2023 ACS vintages; the housing stock includes 328 units in 2–4-unit structures and 1,259 units in 5–49-unit structures; 4 LIHTC projects totaling 459 units; FY2027 2BR SAFMR is $1,520 versus ACS median gross rent of $1,313. 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 23701 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 23701 — Portsmouth, 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 23701?
ZIP 23701 (Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area) has 24,430 residents, 9,644 households, a renter share of 33.7%, median household income of $63,389, and ACS 2023 median gross rent of $1,313. Vacancy is 6.5%. These are ZCTA estimates, not a property rent roll.
How much small multifamily housing is in 23701?
ACS counts 137 units in 2-unit buildings, 191 in 3–4 unit buildings, 817 in 5–9, 253 in 10–19, and 189 in 20–49. Combined 2–49 unit stock is 1,587 units. This is occupied-and-vacant stock, not listings for sale.
What is the Section 8 rent in 23701?
The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,520. See the full schedule and 90–110% payment-standard band on the ZIP 23701 — Portsmouth, VA HUD Section 8 Payment Standards / SAFMR.
Does this Virginia ZIP profile include Georgia listings?
No. ZIP 23701 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.