23518 Norfolk, Virginia is a great place to call home. The cost of living in the area is quite affordable with two bedroom rent averaging at $1,220 compared to the US average of $1,430. Grocery costs are also lower than the national average index of 100 with a local index of 98. There are numerous large employers in the area such as Sentara Healthcare, Old Dominion University and the Naval Station Norfolk that provide ample job opportunities for residents. Other local companies include Monarch Bank, Ferguson Enterprises and Summit Construction Group. With so many great businesses to choose from, it’s no surprise why so many people have chosen to live in 23518 Norfolk, Virginia.
Norfolk (zip 23518) has an unemployment rate of 7.3%. The US average is 6.0%.
Norfolk (zip 23518) 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 (zip 23518)
- The Sales Tax Rate for Norfolk (zip 23518) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Norfolk (zip 23518) 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 (zip 23518)
- The average income of a Norfolk (zip 23518) resident is $26,533 a year. The US average is $28,555 a year.
- The Median household income of a Norfolk (zip 23518) resident is $65,286 a year. The US average is $69,021 a year.