Cost of Living in Norfolk, Virginia
In Norfolk, the median household income is $66,109 and the median gross rent is $1,321/mo, with a median home value of $289,900. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $66,109
- Median gross rent
- $1,321/mo
- Median home value
- $289,900
- Population
- 233,596
How Norfolk compares to the Virginia average
| Measure | Norfolk, VA | Virginia statewide | Difference |
|---|---|---|---|
| Median household income | $66,109 | $93,170 | -29.0% |
| Median gross rent (monthly) | $1,321 | $1,579 | -16.3% |
| Median home value | $289,900 | $383,700 | -24.4% |
Statewide, Virginia prices average 101.1 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Norfolk
- Salary needed for median rent
- $52,840
- Rent burden at median income
- 24.0%
- Est. affordable home price
- $241,161
So that $1,321/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Norfolk is $289,900 — +20.2% above what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Virginia cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.