Housing costs in Norfolk?
A typical home costs
$271,000, which is 19.8% less expensive than the national average of
$338,100 and 21.0% less expensive than the average Virginia home, at
$343,200. Renting a two-bedroom unit in Norfolk costs
$1,300 per month, which is 7.1% cheaper than the national average of
$1,400 and close to the state average of
$1,320.
Can I afford Norfolk?
To live comfortably in Norfolk (zip 23505), Virginia, a minimum annual income of
$51,840 for a family, and
$44,400 for a single person is recommended.
What does A.I. say about Norfolk?
23505 Norfolk, VA has an average cost of living that is slightly higher than the national average. According to Sperling's Best Places, the overall cost of living index for 23505 is at 109.1, which is 9.1 points higher than the U.S. average of 100. Housing specifically is one of the biggest factors in this cost difference, as it stands at 128 compared to the national average of 100. This means that on average, housing costs in 23505 are 28% higher than the rest of the country. Additionally, utilities and transportation costs are also slightly elevated compared to other areas, making it a costly place to live overall.