Total monthly cost of ownership
Cost to Own a Home in Norfolk, Virginia
A $272,000 home here costs
$2,278per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $97,500 a year.
A standard mortgage calculator would have told you $1,507. The real number is $771 higher every month, 51% more than the payment most buyers budget for.
Compare Norfolk city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Norfolk against Norfolk city and Virginia
| Measure | Norfolk | Norfolk city |
|---|---|---|
| Median home value | $271,900 | $271,900 |
| Median property tax | $2,738 | $2,738 |
| Effective tax rate | 1.007% | 1.007% |
| Median gross rent | $1,246 | $1,246 |
| Population | 235,037 | 235,037 |
The weather behind that power bill
Norfolk sits in Norfolk city, which averages a high of 88.7°F in its hottest month and a low of 34.0°F in its coldest, with 45.68" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,823 cooling and 3,106 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Norfolk city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Norfolk city
No other places of this size are published in Norfolk city.
Talk to someone who works this market
These are Norfolk averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Norfolk every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norfolk I already own here and may sell
Common questions
How much does it cost to own a home in Norfolk?
A $272,000 home in Norfolk, Virginia costs approximately $2,278 per month with 20% down at 7.4%. That is $1,507 principal and interest, $228 property tax, $67 homeowners insurance, $249 utilities and $227 set aside for maintenance.
What is the property tax rate in Norfolk?
Norfolk has an effective property tax rate of 1.007%, based on a median home value of $271,900 and median real estate taxes of $2,738. That is in line with the Norfolk city average of 1.007%.
What is the average home price in Norfolk?
The median owner-occupied home value in Norfolk, Virginia is $271,900, against $271,900 across Norfolk city.
Is it cheaper to rent or buy in Norfolk?
Median gross rent in Norfolk is $1,246 a month, against $2,278 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Norfolk?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norfolk, Virginia at today's rate takes a household income of roughly $97,500 a year. That covers the full $2,278 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norfolk, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.