Norfolk, VA vs Richmond, VA

Norfolk is moderately more affordable than Richmond, with a 6.8% lower cost of living index. Norfolk scores 94 compared to 101 for Richmond, where the US average is 100. This difference means residents of Richmond can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Norfolk is $1,246/month compared to $1,314/month in Richmond — a 5% difference. Home values follow the same pattern: Norfolk is more affordable at $271,900 median vs $328,100.

Median household income in Norfolk is $64,017 compared to $62,671 in Richmond (+2.1%). Norfolk offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Norfolk spend roughly 23.4% of their income on rent, less than the 25.2% in Richmond.