Cost of Living in Norfolk, VA
Population: 235,037 • 2026 Data
$64,017
Median Household Income
-17% vs national
$1,246
Median Monthly Rent
-8% vs national
$271,900
Median Home Value
-20% vs national
5.0%
Unemployment Rate
Housing in Norfolk
The median home value in Norfolk, VA is $271,900. Monthly rent for a typical unit averages $1,246, while total monthly housing costs (including utilities and insurance) average $1,366.
Rent-to-income ratio: 23.4%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Norfolk, VA is $64,017. The unemployment rate stands at 5.0%, with a labor force of 134,371 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.