The typical owner-occupied home in Norfolk is worth about $349,000, 5% below the Connecticut median of $366,900 and 5% above the national median of $332,700. Owners pay a median $4,853 a year in property taxes, about 1.39% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $74,659 a year, so the median home costs 4.7 times the median income (3.8 times for Connecticut). 66% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Norfolk at a glance
| Norfolk | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $349,000 | $366,900 | $332,700 |
| Median property tax paid per year | $4,853 | $6,643 | $3,119 |
| Property tax as a share of value | 1.39% | 1.81% | 0.94% |
| Median household income | $74,659 | $95,781 | $80,734 |
| Homes lived in by their owners | 66% | 66% | 65% |
| Owner homes with a mortgage | 49% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,152 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 17.9% | 21.8% | 21.0% |
| Median rent | $1,125 | $1,488 | $1,413 |
| Rent as a share of renters' income | 25.8% | 31.4% | 30.6% |
| Median year homes were built | 1938 | 1967 | 1980 |
| Vacant homes | 8.7% | 7.0% | 10.1% |
| Population | 523 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Norfolk
At this week's average 30-year rate of 7.11%, buying the median Norfolk home of $349,000 with 20% down costs about $2,428 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,009, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $104,052 for the 20%-down payment. That payment is 39% of the median Norfolk household income of $74,659; at that income and 20% down, the 28% guideline points to a home of about $250,000.
The median rent here is $1,125 a month, so owning the median home costs about $1,303 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $69,800 |
|---|---|
| Loan amount | $279,200 |
| Principal and interest | $1,878 |
| Property taxes (1.39% a year) | $404 |
| Homeowners insurance (our estimate, 0.5% a year) | $145 |
| PMI | $0 |
| Total per month | $2,428 |
Change the numbers in the calculator
| Down payment | $12,215 |
|---|---|
| Loan amount | $342,679 |
| Principal and interest | $2,305 |
| Property taxes (1.39% a year) | $404 |
| Homeowners insurance (our estimate, 0.5% a year) | $145 |
| FHA mortgage insurance | $154 |
| Total per month | $3,009 |
Change the numbers in the calculator
Questions about home buying in Norfolk
What is the median home value in Norfolk?
About $349,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norfolk?
Homeowners pay a median $4,853 a year, which is about 1.39% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Norfolk?
For the median home with 20% down at 7.11%, the payment is about $2,428 a month. Keeping that under 28% of gross income takes about $104,052 a year.
More about Norfolk
- Mortgage Refinance in Norfolk
- Debt Relief in Norfolk
- Home Equity Loans in Norfolk
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data