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State

City

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City

State

City

ZIP codes

Norfolk, VA · 23541

ACS 2024

Market Read

A market with no active rental pool to price against. The sale-side figures below are the whole picture.

Tenant economics are strong. Median household income $66K, +3.3% YoY (county); renters hold 53.7% of county households. See the people evidence ↓

Gross Rental Yield

–

1% rule implies 12%/yr

Rent-to-Price

–

1% rule benchmark: 1.00%/mo

Gross Rent Multiplier

–

Price ÷ annual gross rent

Asking vs Voucher

–

No bedroom size has both a rent sample and a published FMR

Computed from this page's data: . The listing and rental pools are separate samples, not the same homes priced two ways, so the ratios describe the market rather than any one property. Ratios with reasons, not a recommendation to buy.

Median Listing Price

Population

94,965

Median Days on Market

Active Listings

New Listings

Housing Market

Units & Occupancy

2024 Occupancy ⓘ

U.S. Census ACS · n = 103,524

104Kunits

Occupied94,96591.7%

Vacant8,5598.3%

2024 Tenure ⓘ

U.S. Census ACS · n = 94,965

95Koccupied

Owner44,00046.3%

Renter50,96553.7%

Renter Share

53.7%-1.2% YoY

Total Housing Units

103,524+1.0% YoY

FY2026 Fair Market Rent

CountyNorfolk city · HUD 40th-percentile estimate, not actual market asking rent

Studio

$1,492

/month

1 BR

$1,512

/month

2 BR

$1,713

/month

3 BR

$2,376

/month

4 BR

$2,797

/month

FMR trends · Norfolk city

HUD Fair Market Rents · FY1983–FY2026

County Demographics

County population is down 0.6% to 233,596: residents under 18 are down 1.2% and those 65 and over are up 3.0%.

Median Age

32.72024

Population

Norfolk city Population

231,105-0.1% YoY

Households

Total Households

94,965+0.5% YoY

Household Types ⓘ

U.S. Census ACS

--Not reported for this area (ACS).

Avg Household Size

2.25-0.9% YoY

Age

2024 Age Mix ⓘ

U.S. Census ACS · n = 233,596

234Kresidents

Under 1847,53620.3%

Adults 18–64155,62066.6%

65 & Over30,44013.0%

Age Composition Over Time

U.S. Census ACS · 2017–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Population Under 18

47,536-1.2% YoY

Population 65 & Over

30,440+3.0% YoY

Median Age

32.70+0.9% YoY

Mobility & Veterans

2024 Residential Mobility ⓘ

U.S. Census ACS

of residents

Same house80.5%

Moved (within US)18.6%

Other0.9%

Veterans

14.2%-0.7% YoY

County Economy

County median household income is $66K, 16.5% of residents are below the poverty level, 10.2% work from home.

Income

Median Household Income

$66K+3.3% YoY

Per-Capita Income

$39K+5.4% YoY

Mean Household Income

$92K+4.1% YoY

Poverty

Below Poverty Level

16.5%-4.6% YoY

Transportation to Work

2024 Commute Mode ⓘ

U.S. Census ACS

of workers

Drove alone70.6%

Public transit2.6%

Worked from home10.2%

Other16.6%

Worked From Home

10.2%+18.6% YoY

Mean Commute

23.00+0.4% YoY

Done with 23541? Put it next to another market.

State

City

Compare with

City

State

City

ZIP codes

Norfolk, VA · 23541

ACS 2024

Market Read

A market with no active rental pool to price against. The sale-side figures below are the whole picture.

Tenant economics are strong. Median household income $66K, +3.3% YoY (county); renters hold 53.7% of county households. See the people evidence ↓

Gross Rental Yield

–

1% rule implies 12%/yr

Rent-to-Price

–

1% rule benchmark: 1.00%/mo

Gross Rent Multiplier

–

Price ÷ annual gross rent

Asking vs Voucher

–

No bedroom size has both a rent sample and a published FMR

Median Listing Price

Population

94,965

Median Days on Market

Active Listings

New Listings

Housing Market

Units & Occupancy

2024 Occupancy ⓘ

U.S. Census ACS · n = 103,524

104Kunits

Occupied94,96591.7%

Vacant8,5598.3%

2024 Tenure ⓘ

U.S. Census ACS · n = 94,965

95Koccupied

Owner44,00046.3%

Renter50,96553.7%

Renter Share

53.7%-1.2% YoY

Total Housing Units

103,524+1.0% YoY

FY2026 Fair Market Rent

CountyNorfolk city · HUD 40th-percentile estimate, not actual market asking rent

Studio

$1,492

/month

1 BR

$1,512

/month

2 BR

$1,713

/month

3 BR

$2,376

/month

4 BR

$2,797

/month

FMR trends · Norfolk city

HUD Fair Market Rents · FY1983–FY2026

County Demographics

County population is down 0.6% to 233,596: residents under 18 are down 1.2% and those 65 and over are up 3.0%.

Median Age

32.72024

Population

Norfolk city Population

231,105-0.1% YoY

Households

Total Households

94,965+0.5% YoY

Household Types ⓘ

U.S. Census ACS

--Not reported for this area (ACS).

Avg Household Size

2.25-0.9% YoY

Age

2024 Age Mix ⓘ

U.S. Census ACS · n = 233,596

234Kresidents

Under 1847,53620.3%

Adults 18–64155,62066.6%

65 & Over30,44013.0%

Age Composition Over Time

U.S. Census ACS · 2017–2024

Population growth (first year = 100)

Share of population (change in pp)

Under 18Adults 18–6465 & Over

Population Under 18

47,536-1.2% YoY

Population 65 & Over

30,440+3.0% YoY

Median Age

32.70+0.9% YoY

Mobility & Veterans

2024 Residential Mobility ⓘ

U.S. Census ACS

of residents

Same house80.5%

Moved (within US)18.6%

Other0.9%

Veterans

14.2%-0.7% YoY

County Economy

County median household income is $66K, 16.5% of residents are below the poverty level, 10.2% work from home.

Income

Median Household Income

$66K+3.3% YoY

Per-Capita Income

$39K+5.4% YoY

Mean Household Income

$92K+4.1% YoY

Poverty

Below Poverty Level

16.5%-4.6% YoY

Transportation to Work

2024 Commute Mode ⓘ

U.S. Census ACS

of workers

Drove alone70.6%

Public transit2.6%

Worked from home10.2%

Other16.6%

Worked From Home

10.2%+18.6% YoY

Mean Commute

23.00+0.4% YoY

Done with 23541? Put it next to another market.