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Norfolk, VA – 2022
Population232,995
Median Household Income$61,090
Adults with a College Degree*65,096
Median Age32.7
Median Housing Value$269,500

Source: U.S. Census Bureau, 2022 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 areas with an affordable cost of living are better able to attract and retain skilled employees. Greater Norfolk’s national average cost allows companies to offer competitive wages to employees while maintaining reasonable labor expenses. In turn, this increases the value of employee earnings and company profits moreover other cities across the country. Living in the Hampton Roads region is cheaper than the national average in terms of 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 compared to the national average. Any value below 100 indicates the Cost of Living in the selected area is lower, meaning it is cheaper to live there compared to the national average. In the table for the Norfolk, VA MSA Cost of Living, the Composite Index is 100.2, meaning it is very slightly more expensive to live in the Norfolk, VA MSA compared to the national average, or, it is 0.2% more expensive to live in the Norfolk, VA MSA compared to the national average.

Norfolk, VA MSA Cost of Living Index 2023 Annual Average

CategoryIndex (National Average = 100.0)
Composite Index100.2
Groceries100.3
Housing93.1
Transportation96.2
Health Care94.9

Source: The Council for Community and Economic Research (C2ER), Cost of Living Index, 2023 Annual Average, Section 1 Index, Metropolitan Statistical Area (MSA) – Urban Area Noted

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 – 2023 Annual Average

MSA – Urban Area Noted100% Composite Index
Charleston, SC98.2
Atlanta, GA98.3
National Average100.0
Norfolk, VA100.2
Philadelphia, PA101.5
Hartford, CT102.7
Chicago, IL113.4
Newark, NJ115.5
Miami, FL116.9
Washington, D.C.146.8
New York County, NY (Manhattan)225.2
Source: The Council for Community and Economic Research (C2ER), Cost of Living Index, 2023 Annual Average, Section 1 Index, Metropolitan Statistical Area (MSA) – Urban Area Noted

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Norfolk’s median age of 33 is young. Early career workers 18-24 are 16% of the population, much higher than the national average of 9%. With a slightly higher than average (40%) prime-working-age adults aged 25-54, Norfolk has a robust workforce at all experience levels.

Norfolk Residents by Age Group – 2022

Age RangeNumber of ResidentsPercent of Residents
< 1846,79120.1%
18 – 2436,16215.5%
25 – 34 42,69818.3%
35 – 4430,02212.9%
45 – 5421,6139.3%
55 – 6425,43210.9%
65+30,27713.0%
Total 232,995100.0%
Source: U.S. Census Bureau, 2022 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 – 2022
RaceNumber of ResidentsPercent of Residents
White                 103,19244.3%
Black or African American91,83939.4%
Two or more races19,8078.5%
Asian 8,5633.7%
All Other* 9,5944.1%
Total232,995100.0%
*All Other includes Some Other Race, American Indian & Alaska Native, and Native Hawaiian & Other Pacific Islander.
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table DP05 – ACS Demographic and Housing Estimates

Norfolk Residents by Ethnicity – 2022

EthnicityNumber of ResidentsPercent of Residents
Hispanic or Latino (of any race)21,6289.3%
Not Hispanic or Latino211,36790.7%
Total232,995100.0%
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table DP05 – ACS Demographic and Housing Estimates

Norfolk Residents Ages 25 and Over by Educational Attainment – 2022

Educational AttainmentNumber of Residents 25 and OverPercent of Residents 25 and Over
Less than High School12,5668.4%
High School Diploma (includes equivalency)38,59925.7%
Some College, No Degree38,07525.4%
Associate’s Degree12,5818.4%
Bachelor’s Degree27,75918.5%
Graduate or Professional Degree20,46213.6%
Total150,042100.0%
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table S1501 – Educational Attainment

Norfolk Households by Household Income – 2022

(in 2022 Inflation-Adjusted Dollars)

Household Income RangePercent of Households
Under $25,00021.3%
$25,000-$49,99920.7%
$50,000-$74,99917.2%
$75,000-$99,99911.6%
$100,000+29.2%
Total Households94,532
  
Household IncomeValue
Median Household Income (dollars) $61,090
Mean Household Income (dollars) $85,758
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table S1901 – Income in the Past 12 Months (In 2022 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 – 2022

GeographyValue
Norfolk $269,500
MSA $318,300
Virginia $365,700
United States $320,900
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics

Norfolk Housing Units by Occupancy – 2022

CategoryNumber of Housing UnitsPercent of Housing Units
Occupied Housing Units94,53291.3%
Vacant Housing Units9,0418.7%
Total Housing Units103,573100.0%
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics

Norfolk Housing Units by Owner Type – 2022

CategoryNumber of Housing UnitsPercent of Housing Units
Owner-Occupied45,15347.8%
Renter-Occupied49,37952.2%
Total Occupied Housing Units94,532100.0%
Source: U.S. Census Bureau, 2022 American Community Survey 1-Year Estimates, Table DP04: Selected Housing Characteristics