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