Mortgage payment estimates, closing cost breakdowns, and homebuying data for Norfolk, Virginia.
Median Home Price
$275K
Population
238K
Avg Monthly Rent
$1,280
Property Tax Rate
0.82% *
* Property tax shown is the Virginia state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Norfolk.
Norfolk vs Virginia Median
The median home price in Norfolk is $275,000, which is 31% below the Virginia state median of $400,000.
Mortgage Calculator — Norfolk, VA
Pre-filled with Norfolk median home price and Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Virginia's 0.82% tax rate and $1,700/yr insurance.
5% Down
$2,133/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $188
Insurance: $142
PMI: $152
10% Down
$2,038/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $188
Insurance: $142
PMI: $144
20% Down (No PMI)
$1,720/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $188
Insurance: $142
Income needed (28% rule): $74K/year with 20% down, $87K/year with 10% down.
Rent vs Buy in Norfolk
Rent
$1,280/mo
vs
Buy (10% down)
$2,038/mo
Price-to-rent ratio: 17.9 — A ratio between 15-20 means the rent vs buy decision in Norfolk depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
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.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Norfolk.