Virginia · Population 235,037 · Updated March 2026
How far your income goes in Norfolk
State-level tax rates that affect your costs
Norfolk offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 89 (where 100 equals the national median), Norfolk residents can expect to pay median rent of $1,246/month while earning a median household income of $64,017/year.
The median home value in Norfolk, VA is $271,900, with typical monthly owner costs around $1,366 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.
Virginia has a moderate income tax rate of 5.75%. Combined with a 5.3% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Norfolk.
Common questions about living costs in Norfolk
Similar-sized cities to compare