Cost of Living in Norfolk, VA

With a cost of living index of 94, Norfolk, VA is slightly more affordable than average. Living here is 6% cheaper than the national average and 10% below the Virginia state average of 104. As a major city with a population of 235,037, Norfolk offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Norfolk's cost of living. The median monthly rent is $1,246 (6% below the US median of $1,319), and the median home value sits at $271,900 (11% below the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Norfolk is $64,017, which is 15% lower than the national median of $75,149. Residents spend roughly 23% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Virginia Beach-Chesapeake-Norfolk, VA-NC (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.