Mortgage payment estimates, closing cost breakdowns, and homebuying data for Norfolk, Virginia.
Pre-filled with Norfolk median home price and Virginia tax/insurance rates. Adjust for your property.
Estimated closing costs based on Virginia rates and fees applied to Norfolk prices.
The median home price in Norfolk is $275,000, 31% below the Virginia state median of $400,000. With a population of 238,005, Norfolk is a mid-size city where home prices tend to be more accessible than in many parts of Virginia.
Property taxes in Virginia average 0.82% annually. This moderate property tax rate means a $275,000 home in Norfolk would carry roughly $188/month in property taxes. Homeowners insurance in Virginia runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Norfolk is $1,280/month. The price-to-rent ratio in Norfolk is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Norfolk presents moderate affordability. The $275K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.