Cost of Living In Norfolk Virginia
So are you thinking about moving to Norfolk, Virginia? Then you're probably wondering what the costs are associated with living in Norfolk, Virginia. While the cost of everything is seemingly going up daily, nationally, in Norfolk Virginia it is no different. I’m going to review the many costs associated with living in Norfolk, Virginia. We will discuss the costs of Food, Utilities, Taxes, Housing, and many other costs in Norfolk.
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The Costs of Living in Norfolk, Virginia:
- National Average Comparison
To start off with let’s look at some numbers to compare Norfolk, Virginia to the rest of the nation. Using a website called BestPlaces.net, compared to the rest of the country, the cost index of Norfolk, Virginia is at 91.8. This means it’s less expensive to live in Norfolk as the national average is 100. Also in Norfolk, the median income is $44,150 and the population is 242,803.
- Food Cost
Still using Bestplaces.net, Norfolk’s cost for less than the national average with 97.8. As far as Grocery Retailers available in Norfolk, Virginia, the following retailers have locations: Sam's Club, Costco, Food Lion, Lidl, Aldi, Harris Teeter, Kroger, Target, and Walmart. As far as eating out, similar to groceries, Norfolk is right on par with the national average as well. Freemason Abbey is a well known restaurant in Norfolk, Virginia.
When talking about utilities, the first item that usually comes to mind is electricity. In Norfolk, Virginia the only service provider for Electricity is Dominion Energy. Due to the higher costs of electricity in the summertime, you should check out the budget billing option. This allows you to have the same bill amount each month, as it takes an average over the year. As the name suggests, it makes it much easier to budget your money. The other heating utility is gas, Virginia Natural Gas is the provider for this service. Additionally in Norfolk you will have to pay for water and sewer directly to the city of Norfolk. The internet providers for the city are Cox, T-mobile and Verizon Fios. Additionally you may look at Hughes Net for internet service.
Additional Costs of Living in Norfolk, Virginia:
One of the questions I get asked most about the cost of living in Norfolk Virginia, is the price of taxes. Unfortunately, when compared to other cities in Hampton Roads, Norfolk has one of the higher real estate property tax($1.25 per $100 of assessed value). The Virginia State tax is 6%, which is 31st in the nation. The income tax varies depending on your income, but it ranges from 2-5.75%. For food the grocery tax in Norfolk is 2.5% and the meal tax is 6.5%. The cost of Gas continues to rise and the tax associated with that in Virginia is $.26 a gallon of unleaded and $.27 on diesel fuel.
Housing in Norfolk, Virginia is one of the lower priced markets in Hampton Roads as far as price goes. Using our local MLS, REIN, as a source, as of June 2022 the median price for a house is $293,063 which is up 4.6%. As supply continues to be down, the cost of homes and rentals continues to rise. The average apartment rental is $1,146 for a 2 bedroom. according to Bestplaces.net. When deciding between renting and owning in Norfolk, there are many factors to consider and it is different for each person’s situation. My team and I help people with this decision all the time and we would be glad to help you.
- Other Costs
When moving to Norfolk, Virginia there are additional costs you must consider as well. One important cost if you have a family would be the costs of daycare and schooling. Also you might want to consider pest control, lawn care, pool maintenance, or gym membership. Additionally if you're like myself, who enjoys the outdoors, you may want to purchase a fishing or hunting license. For more information on available licenses click here.
Are the costs of living in Norfolk, Virginia worth it?
I feel Norfolk, Virginia has a lot to offer that makes it a great place to live. The cost in Norfolk are generally cheaper than many of the other cities in Hampton Roads. As with any city, you will need to consider the cost associated with living in the city of Norfolk, Virginia versus the lifestyle and how it fits you. Overall the cost in Norfolk is at or near the national average and definitely cheaper than some other areas in Virginia.
If there is anything you think I missed or you have any questions about the city please comment below or reach out to me here.
I hoped you enjoyed reading all about the Cost of Living in Norfolk, Virginia. Please check out my blog on the Pros and Cons of Living in Norfolk, Virginia.
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YOUR LOCAL REALTOR
DJ Parker is your local Realtor and guide to Hampton Roads, Virginia. As a native of Chesapeake and Virginia Beach, Virginia for over 30 years, he has the local knowledge you need. He has helped clients with Real Estate throughout Chesapeake, Virginia Beach, Norfolk, Suffolk and all of Hampton Roads Virginia.