Norfolk, VA
Norfolk (city) County · Pop. 238,005
Ranked #92 of 243 cities
46Moderate
Median Home Price
🏠$250K
3.5% YoY
Median Rent
🔑$1,300
3.0% YoY
Median Income
💰$48K
Rent Burden
📊33.5%
% of income to rent
Income to Buy
🏦$72K
annual income needed
Income to Rent
📝$52K
annual income needed
Price-to-Income
⚖️5.2x
Homeownership
🏡42.0%
Rent vs. Buy
Buy
$1,331/mo
Est. mortgage (7%, 20% down)
Need $72K/yr income
Rent
$1,300/mo
Median rent
Need $52K/yr income
How Norfolk Compares
| Metric | Norfolk | Virginia | National |
|---|---|---|---|
| Home Price | $250K | $383K | $410K |
| Rent | $1,300 | $1,567 | $1,500 |
| Income | $48K | $90K | $75K |
| Rent Burden | 33.5% | 31.0% | 30.0% |
Key Takeaways
- • Home prices in Norfolk are 39% lower than the national average.
- • Rent is 13% lower than the national average.
- • You need an income of $72K to comfortably buy a home here.
- • The homeownership rate is 42.0%, compared to 65.0% nationally.