Virginia Beach-Norfolk-Newport News, VA-NC · Virginia
Norfolk city
235,037 residents149 permits TTM$64,017 median HHI14 ZIP codesUpdated April 28, 2026
Investor first look
Median home value
$271,900
ACS 5-Year
Cap rate proxy
7.6%
FMR × 0.65 ÷ Home Value
Rent-to-income
23.4%
HUD FMR ÷ ACS HHI
Net migration
+3.32%
IRS SOI
Permits (TTM)
149
Census BPS
Climate risk
81.2
FEMA NRI (0–100)
ZIP code breakdown14 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 23511 | $271,900county est. | $2,440 | 10.8% | 5.5% | 48.9% |
| 23551 | $271,900county est. | $1,890 | 8.3% | 5.5% | 34.1% |
| 23523 | $249,986 | $1,410 | 6.8% | 5.9% | 11.6% |
| 23509 | $275,757 | $1,610 | 7.0% | 7.8% | -13.3% |
| 23504 | $262,131 | $1,450 | 6.6% | 6.9% | -5.9% |
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Demographics
Owner-occupied
45.7%
Census ACS
Vacancy rate
7.9%
Census ACS
Bachelor's degree +
32.7%
Census ACS
Rent burdened
51.2%
Census ACS (>30% income)
Median age
32.4
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 28, 2026