Home Price Key
Affordable
Average
Expensive
These days, finding an affordable place to live in the Norfolk area can be challenging. Home prices in Norfolk are now at a median cost of $234,953, lower than the Virginia average of $323,261.
The average cost of rent is $1,470/mo in Norfolk, primarily driven by the current value of real estate in the Norfolk area. While nearly 28.30% of residents own their homes outright in Norfolk, 55.73% rent.
Housing affordability isn’t just about home prices, though. The average household income in Norfolk is $4,407 per month. Households that rent pay about 33.35% of their income on rent here. Norfolk's most expensive areas are in the southwestern regions, while the cheapest areas are in the northwestern parts of the city.
Nearby Cities
- Portsmouth, VA: less expensive homes
- Chesapeake, VA: higher priced homes
- Virginia Beach, VA: higher priced homes
- Carrollton, VA: higher priced homes
- Suffolk, VA: higher priced homes
- Longview, VA: higher priced homes
- Smithfield, VA: higher priced homes
- Everets, VA: higher priced homes
- Isle of Wight, VA: higher priced homes
- Orbit, VA: less expensive homes
Cities with Similar Populations
- Salem, OR: higher priced homes
- Salinas, CA: higher priced homes
- Round Rock, TX: higher priced homes
- Salt Lake City, UT: higher priced homes
- Saginaw, MI: less expensive homes
- Salisbury, NC: less expensive homes
- Roswell, GA: higher priced homes
- Provo, UT: higher priced homes
- Portsmouth, VA: less expensive homes
- Renton, WA: higher priced homes
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