The typical owner-occupied home in Norfolk is worth about $88,700, 79% below the New York median of $423,800 and 73% below the national median of $332,700. The median household earns $59,491 a year, so the median home costs 1.5 times the median income (4.9 times for New York). 65% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Norfolk at a glance
| Norfolk | New York | U.S. | |
|---|---|---|---|
| Median home value | $88,700 | $423,800 | $332,700 |
| Median property tax paid per year | – | $6,582 | $3,119 |
| Median household income | $59,491 | $85,974 | $80,734 |
| Homes lived in by their owners | 65% | 54% | 65% |
| Owner homes with a mortgage | 50% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,287 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 17.3% | 22.5% | 21.0% |
| Median rent | $784 | $1,621 | $1,413 |
| Rent as a share of renters' income | 35.3% | 31.2% | 30.6% |
| Median year homes were built | 1959 | 1959 | 1980 |
| Vacant homes | 16.7% | 10.0% | 10.1% |
| Population | 1,204 | 19,852,366 | 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 $88,700 with 20% down costs about $596 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $743, 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 $25,527 for the 20%-down payment. That payment is 12% of the median Norfolk household income of $59,491; at that income and 20% down, the 28% guideline points to a home of about $207,000.
The median rent here is $784 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,740 |
|---|---|
| Loan amount | $70,960 |
| Principal and interest | $477 |
| Property taxes (1.10% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $596 |
Change the numbers in the calculator
| Down payment | $3,104 |
|---|---|
| Loan amount | $87,093 |
| Principal and interest | $586 |
| Property taxes (1.10% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $39 |
| Total per month | $743 |
Change the numbers in the calculator
Questions about home buying in Norfolk
What is the median home value in Norfolk?
About $88,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
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 $596 a month. Keeping that under 28% of gross income takes about $25,527 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