The cost of living in Norfolk, Virginia, is low compared to other cities. This means that incomes stretch further, and locals can generally afford a comfortable lifestyle. However, it also means that job opportunities for lower-income people are limited.
On the bright side, the city’s cost of living is steadily increasing with new business investments and expansions. This article explores the cost of living in Norfolk, VA, and how you can settle yourself if you’re on a budget.
History, Culture, and Population
Norfolk was founded in the early 17th century by the governor of the Virginia Colony, who established four jurisdictions to develop the area. Norfolk was founded in 1705 and named after an early settler’s English hometown.
As of the 2020 census, Norfolk had a population of 238,000, making it the third-most populous city in Virginia and the 94th-largest in the United States. It is a self-contained city, which means it is not a part of a county.
Naval Station Norfolk is located in Norfolk. The military is the region’s economic backbone, and Norfolk is the world’s largest naval station. The lakes and rivers of Hampton Roads have a significant impact on the economies of Norfolk and the nearby areas. Commercial ports are the second-largest economic driver in the region. Defense companies and tourism also contribute significantly to the livelihoods of families throughout the area.
There are multiple historic and modern districts to discover, as well as shops and restaurants. Weekend activities include visiting local wineries and the Chrysler Museum Glass Studio, where guests can observe glass artists at work if they arrive at the right time.
The world’s largest Navy base is in Norfolk, and strategic NATO command centers are strategically placed throughout the city.
What is the Cost of Living in Norfolk?
Various factors drive the price of goods and services in different cities. In the case of Norfolk, Virginia’s location and the nature of the local economy impact the city’s cost of living. Norfolk’s location on the East Coast helps to keep the cost of living low.
This is due to the cost savings associated with proximity to major markets. In addition, the city’s economy is strongly tied to the defense sector. This helps to keep costs low due to lower wages associated with the industry. Norfolk’s living cost is generally lower than other major cities. The following factors will help you understand the cost of living in Norfolk, Virginia.
Housing Costs
Housing is often the biggest expense in any budget. Norfolk’s housing costs are lower than the national average. According to statistics, the median home value in Norfolk is $222,000. This obviously varies among areas of the city. In Norfolk, there are many neighborhoods where new properties can be purchased for less than $200,000. This is significantly less than the average national house price.
Even for those seeking rentals, there are many options for less than $1,000 per month. For those with more modest budgets, there are several options. For example, there are neighborhoods in Norfolk where you can rent a two-bedroom home for less than $500 per month. If you are considering buying a house and eventually moving, you should hire a good and trustable Norfolk moving company like Tidal Town Moving. The team can give you advice about different neighborhoods and you will be more informed about your new life.
High-Paying Job Sectors in Norfolk
- Business, Management, and Professional Services
- Advanced Manufacturing
- Maritime, Transportation, and Logistics
- Information Technology
- Healthcare, Life Sciences, and Biotechnology
- Insurance
Transportation
The cost of transportation in Norfolk is surprisingly low. This is due to the city’s location on the East Coast. Since Norfolk is close to major population centers, many people can get by without owning a car. Instead, they can take advantage of various public transportation options. This includes reliable bus access to and from nearby cities like Virginia Beach and Richmond.
There is also limited rail service between Norfolk and nearby Washington, DC. All of this makes transportation far cheaper than in many cities. If you do decide to buy a car, there are many affordable options in Norfolk. In Norfolk, the average cost of owning and maintaining a vehicle is lower than the national average. This is due to the city’s mild climate. As a result, people don’t need to invest in snow tires or other extra features.
Food Costs
Food is generally cheap in Norfolk. This is due to the city’s proximity to major agricultural areas. Many local restaurants source their food from nearby farms. This helps to keep food costs low. In addition, there are many supermarkets in Norfolk that offer low-cost groceries. This includes a wide selection of affordable fresh fruits and vegetables. One important caveat is that food costs in Norfolk have been rising in recent years.
This is due to a growing population. With more people living in the city, the demand for food has increased. As a result, prices have gone up. One way to keep food costs low is to shop at local farmers’ markets. These markets are often cheaper than grocery stores. They also allow you to buy fresh produce and other items in bulk.
Goods and Services
As noted above, the cost of living in Norfolk, Virginia, is low. This means that goods and services such as healthcare and utilities cost less than in other major cities. There are many affordable healthcare options in Norfolk. This includes walk-in clinics that charge less than $100 per visit. Many major hospitals are also located nearby.
This includes Sentara Norfolk General Hospital, Virginia’s top-ranked hospital. Norfolk’s low cost of living also makes it affordable to go to school. The city is home to several affordable colleges and universities. This includes Norfolk State University, Virginia Wesleyan College, and the Eastern Virginia Medical School. Norfolk residents also benefit from low taxes on goods and services.
Money-Saving Tips for Norfolk Residents
There are many ways to cut costs in Norfolk. Taking public transportation is one way to reduce your carbon footprint. You can also walk or bike to work if you live close enough. Buying stuff for groceries at farmers’ markets is also another method of saving money. You can also take advantage of nearby supermarket sales and discount codes. Finally, you can save money by bundling your internet and cable services. Switching your electricity provider may also allow you to save money.