Housing costs in Norfolk?
A typical home costs
$453,300, which is 34.1% more expensive than the national average of
$338,100 and 32.1% more expensive than the average Virginia home, at
$343,200. Renting a two-bedroom unit in Norfolk costs
$1,370 per month, which is 2.1% cheaper than the national average of
$1,400 and 3.6% more than the state average of
$1,320.
Can I afford Norfolk?
To live comfortably in Norfolk (zip 23507), Virginia, a minimum annual income of
$86,760 for a family, and
$46,800 for a single person is recommended.
What does A.I. say about Norfolk?
The cost of living in 23507 Norfolk, VA is relatively high compared to the rest of the nation. The overall cost of living index is 112.4, nearly 12 points higher than the national average of 100. Housing is a major factor in this, with an index of 122.7. This means that housing prices are significantly higher than other areas and can be difficult for those on a budget to find affordable options. Additionally, the cost for goods and services such as groceries and utilities is also elevated compared to other parts of the country. Despite this, 23507 Norfolk still remains an attractive area due to its high quality of life and attractions available nearby.