Norfolk, VA 

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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.


  ECONOMYNorfolk, VirginiaUnited States
  • Unemployment Rate (US Avg: 6%)
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    Reviews for Norfolk    41 Reviews
    Norfolk is a great place to live. - 1/28/2019
    I've lived in Norfolk for most of my life, and I love it here. I love the maker scene, and the new breweries. The arts scene, especially the theater side is always... Read More

    Start Your Review of Norfolk

    Year 2018 - 7/24/2018
    I have lived in Norfolk VA for 11 months and,I cant wait to leave.It is full of crime ,homeless and undeveloped city.Public transportation is terrible and its wet and... Read More

    It's a harbor town - 7/18/2018
    I was born in Norfolk, and lived in Norfolk and Virginia Beach until my early 20s. Here are 10 things that are 100% true about Norfolk you may have heard before: 1) It's... Read More

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