Source: U.S. Bureau of Labor Statistics, American Community Survey, 2019 1-Year Estimates
*Adults with a College Degree includes those 18-24 with a Bachelor’s degree or higher and those 25 and older with an Associate’s degree or higher
Cost of Living
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: 2019 Q3 – 2020 Q4 Index
Category
Index/National Average = 100.0
Composite Index
95.9
Groceries
96.7
Housing
91.0
Transportation
92.8
Health Care
92.6
Source: The Council for Community and Economic Research, Cost of Living Index, 2019 Q3 – 2020 Q4 Index
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.
MSA – Urban Area Noted
Cost of Living – Composite Index
Norfolk, VA
95.9
Charlotte, NC
98.0
Charleston, SC
99.5
National Average
100.0
Baltimore, MD
110.4
Philadelphia, PA
111.7
Miami, FL
115.5
Newark, NJ
123.1
Chicago, IL
123.5
Washington, D.C.
160.0
New York City, NY (Manhattan)
245.7
Source: The Council for Community and Economic Research, Cost of Living Index, 2019 Q3 – 2020 Q4 Index
Age
With a population of nearly 243,000, Norfolk is the heart of the Virginia Beach-Norfolk-Newport News, VA-NC MSA, the 37th largest MSA (U.S. Census 2019) in the country. With a Median Age of 31.1, Norfolk’s population is young. Nearly a quarter of Norfolk residents are in the 20-29 age group, whereas not even 14% of the United States’ population is in the 20-29 age group. The largest age group in Norfolk is those ages 20-29, followed by those ages 30-39. Over one-quarter of Norfolk’s population are millennials. Additionally, nearly 60% of the population falls into the larger age group of 20-59. This age range encompasses the prime working ages, thus indicating a robust labor force.
Norfolk Residents by Age Group – 2019
Age
Number
Percent
9 and under
28,422
11.7%
10-19
29,804
12.3%
20-29
58,202
24.0%
30-39
35,728
14.7%
40-49
23,358
9.6%
50-59
25,192
10.4%
60-69
23,780
9.8%
70-79
11,896
4.9%
80+
6,360
2.6%
Total
242,742
100.0%
Source: American Community Survey, Table S0101: Age and Sex, 2019 1-Year Estimates
Race
Norfolk is a very diverse locality representing individuals of many races. This diversity of race and culture contributes to diversity in businesses.
Norfolk Residents by Race – 2019
Race
Estimated Number or Norfolk Residents
Percentage of Norfolk Residents
White
114,295
47.1%
Black or African American
100,025
41.2%
Two or More Races
11,157
4.6%
Asian
8,913
3.7%
Other
7,491
3.1%
American Indian and Alaskan Native
816
0.3%
Native Hawaiian and Other Pacific Islander
45
0.0%
Total
242,742
100%
Source: American Community Survey, Table B02001: Race, 2019 1-Year Estimates
Educational Attainment
Norfolk Residents Ages 25 and Over by Educational Attainment – 2019