Norfolk, VA – 2021
Population235,089
Median Household Income$58,591
Adults with a College Degree*68,685
Median Age31.3
Median Housing Value$250,300

Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates

*Includes adults aged 18-24 with a Bachelor’s degree or higher and those 25 and older with an Associate’s degree or higher.

Companies located in an area with an affordable cost of living are better able to attract and retain skilled, talented employees. The lower cost of living in Norfolk will allow employees’ earnings to stretch farther than they would in many other parts of the country. This allows companies to offer wages that are still competitive due to Norfolk’s lower cost of living while also maintain labor costs that are lower than what they may be if the company were to locate in another part of the country. Living in the Hampton Roads region is cheaper than the national average overall and in terms of groceries, housing, transportation, and health care.

The Cost of Living Index is interpreted as follows. The national average is set as the base of comparison and is thus 100. Any value above 100 indicates the Cost of Living in the selected area is higher, meaning it is more expensive to live there. Any value below 100 indicates the Cost of Living in the selected area is lower, meaning it is cheaper to live there. In the table for the Norfolk, VA MSA Cost of Living, the Composite Index is 95.9, meaning it is less expensive to live in the Norfolk, VA MSA compared to the national average, or, it is 4.1% less expensive to live in the Norfolk, VA MSA compared to the national average.

Norfolk, VA MSA Cost of Living Index 2022 Annual Average

CategoryIndex (National Average = 100.0)
Composite Index95.9
Groceries92.3
Housing89.0
Transportation95.4
Health Care92.3

Source: The Council for Community and Economic Research (C2ER), Cost of Living Index, 2022 Annual Average

The overall Cost of Living in the Norfolk, VA MSA is lower than the Cost of Living in many of its direct competitors, as noted in the accompanying table, making it a very attractive location for businesses.

Cost of Living Index – 2022 Annual Average

MSA – Urban Area Noted100% Composite Index
Norfolk, VA95.9
Charleston, SC97.9
National Average100.0
Atlanta, GA101.6
Philadelphia, PA104.5
Hartford, CT106.2
Chicago, IL120.3
Newark, NJ120.5
Miami, FL120.6
Washington, D.C.152.3
New York County, NY (Manhattan)228.0
Source: The Council for Community and Economic Research (C2ER), Cost of Living Index, 2022 Annual Average

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Norfolk’s median age of 31 is young. Early career workers 18-24 are 17% of the population, nearly double the national average. With a slightly higher than average (41%) prime-working-age adults aged 25-54, Norfolk has a robust workforce at all experience levels.

Norfolk Residents by Age Group – 2021

Age RangeNumber of ResidentsPercent of Residents
< 18 45,69019.4%
18 – 2440,96317.4%
25 – 34 45,65619.4%
35 – 4428,52412.1%
45 – 5421,2359.0%
55 – 6425,30010.8%
65+27,72111.8%
Total 235,089100.0%
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table S0101 – Age and Sex

Norfolk is a very diverse locality representing individuals of many races and ethnicities. This diversity of race, ethnicity, and culture contributes to diversity in businesses.

Norfolk Residents by Race – 2021

 RaceNumber of ResidentsPercent of Residents
White102,99843.8%
Black or African American94,65940.3%
Two or more races18,6487.9%
Asian8,9533.8%
All Other*9,8314.2%
Total235,089100.0%
*All Other includes Some Other Race, American Indian & Alaska Native, and Native Hawaiian & Other Pacific Islander.
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table DP05 – ACS Demographic and Housing Estimates

Norfolk Residents by Ethnicity – 2021

EthnicityNumber of ResidentsPercent of Residents
Hispanic or Latino (of any race)21,4849.1%
Not Hispanic or Latino213,60590.9%
Total235,089100.0%
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table DP05 – ACS Demographic and Housing Estimates

Norfolk Residents Ages 25 and Over by Educational Attainment – 2021

Educational AttainmentNumber of Residents 25 and OverPercent of Residents 25 and Over
Less than High School16,29611.0%
High School Graduate (includes equivalency)32,95022.2%
Some College, No Degree33,54322.6%
Associate’s Degree13,3679.0%
Bachelor’s Degree31,43921.2%
Graduate or Professional Degree20,84114.0%
Total148,436100.0%
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table S1501 – Educational Attainment

Norfolk Households by Household Income – 2021

(in 2021 Inflation-Adjusted Dollars)

Household Income RangePercent of Households
Under $25,00018.1%
$25,000-$49,99926.0%
$50,000-$74,99917.6%
$75,000-$99,99911.6%
$100,000+26.9%
Total Households97,596
  
Household IncomeValue
Median Household Income (dollars) $58,591
Mean Household Income (dollars) $77,096
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table S1901 – Income in the Past 12 Months (In 2021 Inflation-Adjusted Dollars)

Norfolk has a variety of affordable housing options with a median housing value in Norfolk, VA, that is lower than that of the MSA, Virginia, and the United States.

Median Housing Value – 2021

GeographyValue
Norfolk $250,300
MSA $284,800
Virginia $330,600
United States $281,400
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics

Norfolk Housing Units by Occupancy – 2021

CategoryNumber of Housing UnitsPercent of Housing Units
Occupied Housing Units97,59695.3%
Vacant Housing Units4,8274.7%
Total Housing Units102,423100.0%
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics

Norfolk Housing Units by Owner Type – 2021

CategoryNumber of Housing UnitsPercent of Housing Units
Owner-Occupied44,86746.0%
Renter-Occupied52,72954.0%
Total Occupied Housing Units97,596100.0%
Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics