Economy in Norfolk, VA

Norfolk, VA is a great place to live, work, and visit. Home to numerous local businesses and attractions such as the Norfolk Botanical Garden, Chrysler Museum of Art, and Nauticus National Maritime Center, there is plenty to do here for everyone. The cost of living in Norfolk is lower than other parts of the country; specifically, 2 bedroom rent in Norfolk is $1,290 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Norfolk is 98 versus 100 nationally. This makes it a great place for people looking for a more affordable lifestyle that still offers plenty of recreational activities.

Norfolk has an unemployment rate of 7.3%. The US average is 6.0%.

Norfolk has seen the job market increase by 1.3% over the last year. Future job growth over the next ten years is predicted to be 31.2%, which is lower than the US average of 33.5%.

Tax Rates for Norfolk
- The Sales Tax Rate for Norfolk is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Norfolk is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Norfolk
- The average income of a Norfolk resident is $24,252 a year. The US average is $28,555 a year.
- The Median household income of a Norfolk resident is $56,244 a year. The US average is $69,021 a year.