Home Affordability in Norfolk, VA
The median home price in Norfolk is $250,000 with a median household income of $48,968. Housing is significantly stretched relative to local incomes.
Median Home Price
$250,000
Median Income
$48,968
Price-to-Income Ratio
5.1x
Est. Affordable Home
$190,000
Property Tax Rate
1.10%
Annual Property Tax
$2,750
Sales Tax Rate
6.00%
Cost of Living Index
95
Buying a Home in Norfolk
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $48,968 in Norfolk can afford a monthly housing payment of approximately $1,143. This translates to a home price of roughly $190,000, which is below the median home price of $250,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Norfolk would be approximately $2,750 per year ($229/month) at the effective rate of 1.10%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $7,500 | $242,500 | Yes |
| 5% | $12,500 | $237,500 | Yes |
| 10% | $25,000 | $225,000 | Yes |
| 20% | $50,000 | $200,000 | No |
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