Norfolk, VA Facts at a Glance

All Data from ACS 2017 1-year estimates
Population 244,703
Median Household Income $49,445
Adults with a College Degree 62,082*
Median Age 30.5
Median Housing Value $204,400

*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

Source: U.S. Bureau of Labor Statistics, American Community Survey, 2017 1-Year Estimates

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 Hampton Roads Cost of Living, the Composite Index is 96.5, meaning it is less expensive to live in Hampton Roads compared to the national average, or, it is 3.5% less expensive to live in Hampton Roads compared to the national average.

Norfolk MSA Cost of Living: 2018 Annual Average
Category Index/National Average = 100.0
Composite Index 96.5
Groceries 96.8
Housing 92.4
Transportation 91.5
Health Care 96.9 

The Council for Community and Economic Research, Cost of Living Index, 2018 Annual Average Data

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 96.5
Charlotte, NC 97.0
National Average 100.0
Charleston, SC 100.7
Philadelphia, PA 113.4
Miami, FL 116.2
Baltimore, MD 116.9
Chicago, IL 123.2
Newark, NJ 123.5
Washington, D.C. 162.6
New York City, NY (Manhattan) 248.5

The Council for Community and Economic Research, Cost of Living Index, 2018 Annual Average Data

Age

With a population of nearly 245,000, Norfolk is the heart of the Hampton Roads region, the 38th largest (U.S. Census 2018) in the country. Norfolk’s population is very young, with roughly one-third of the population being millennials, compared to only one-fifth of the U.S. population. Therefore, the largest age group in Norfolk is those ages 20-29, followed by those ages 30-39. Nearly one-third of Norfolk’s population are millennials. Additionally, over 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 – Age Groups – 2017
Age Number Percent
9 and under 28,944 11.8%
10-19 28,668 11.7%
20-29 61,860 25.3%
30-39 34,975 14.3%
40-49 24,419 10.0%
50-59 26,639 10.9%
60-69 22,508 9.2%
70-79 10,682 4.4%
80+ 6,008 2.4%
Total 244,703 100%

Sources: U.S. Bureau of Labor Statistics, American Community Survey, 2017 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 – Race – 2017
 Race Percentage
White 46.3%
Black/African American 41.4%
Two or More Races 4.8%
Asian 3.5%
Other 3.3%
American Indian/Alaskan Native 0.4%
Native Hawaiian/Pacific Islander 0.06%
Total 100%

Sources: 1U.S. Bureau of Labor Statistics, American Community Survey, 2017 1-Year Estimates

Educational Attainment

Norfolk – Educational Attainment – 2017
 Age 25 and Over Percent
Less than High School Diploma 12.5%
High School Diploma 24.8%
Some College 24.4%
Associate’s Degree 9.2%
Bachelor’s Degree 18.0%
Graduate or Professional Degree 11.1%

Sources: 1U.S. Bureau of Labor Statistics, American Community Survey, 2017 1-Year Estimates

Household Income

Norfolk – Household Income – 2017
Range Value/Percentage
Median $49,445
Average $69,146
Under $24,999 27.7%
$25,000-$49,999 22.7%
$50,000-$74,999 17.0%
$75,000-$99,999 13.3%
$100,000+ 19.3%

Sources: 1U.S. Bureau of Labor Statistics, American Community Survey, 2017 1-Year Estimates

Housing Units

Norfolk – Housing Units – 2017
Number Percentage
Total 218,124
Owner Occupied 98,122 45%
Renter Occupied 120,002 55%

Sources: 1U.S. Bureau of Labor Statistics, American Community Survey, 2017 1-Year Estimates

Median Housing Value

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

Median Housing Values – 2017
 Norfolk MSA United States
$204,400 $245,900 $217,600