Quick facts: Norfolk, VA

Quick Facts

105.3
Cost of Living
above US average
232,995
Population
55.85
Crime Rate per 1000
above US average
$60,998
Median Income
below US average
$312,000
Median House Price
above US average
$1693
Average Rent
above US average
11%
Poverty Rate
above US average
3.4%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $60,998.

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Income Needed to Buy

βœ— Stretch
$98k/year
Based on $312,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $98k vs median $60,998
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Income Needed to Rent

⚠ Stretch
$73k/year
Based on $1693/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $73k vs median $60,998
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Norfolk, VA

Norfolk, Virginia, is a vibrant coastal city located in the southeastern part of the state. Known for its rich maritime history and a bustling waterfront, Norfolk offers a blend of cultural attractions and natural beauty. The city is home to the largest naval base in the world, Naval Station Norfolk, which plays a significant role in its economy and identity. Visitors can explore the historic Ghent District, characterized by its artsy vibe and beautiful architecture, or enjoy the expansive Norfolk Botanical Garden, which features diverse plant species and serene landscapes. The city’s cultural scene is highlighted by the Chrysler Museum of Art, offering an impressive collection of works, and the lively Norfolk Scope Arena, which hosts concerts and events. Norfolk’s waterfront area, including Waterside District, offers dining, shopping, and scenic views of the Elizabeth River. With a mild climate and proximity to Virginia Beach, Norfolk serves as a gateway to various outdoor activities, making it a great spot for both residents and tourists. The city’s rich history, combined with its modern amenities, creates a unique and inviting atmosphere.

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