CALCMONEY // HOME AFFORDABILITY // VA // NORFOLK
How much house can you afford in Norfolk? Based on local median home prices, current VA mortgage rates, and Norfolk property tax data.
$295,000
$1,950/mo
$83,575/yr
$181,738
Monthly housing costs of $1,950 represent 40.3% of Norfolk's median gross monthly income ($4,833/mo). At 40.3%, median-income buyers in Norfolk are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $295,000 |
| Down Payment (20%) | $59,000 |
| Loan Amount | $236,000 |
| Monthly PI Payment | $1,554 |
| Monthly Property Tax | $273 |
| Monthly Insurance Est. | $123 |
| Total Monthly PITI | $1,950 |
| Housing Cost % of Income | 40.3% |
| Required Income (28% rule) | $83,575/yr |
| Max Affordable Home | $181,738 |
$10,325
$2,472/mo
Norfolk Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $295,000 | Norfolk city median |
| Down Payment (20%) | $59,000 | Conventional loan |
| Monthly PITI | $1,950 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $83,575 | Annual gross |
| Max Affordable Home | $181,738 | Based on median income |
| FHA Down (3.5%) | $10,325 | Minimum FHA |
| Housing Cost % of Income | 40.3% | Median income: $58,000/yr |
| Property Tax Rate | 1.11% | $3,275/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Norfolk is $295,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $236,000, generating a monthly P&I payment of $1,554. Adding property taxes ($273/mo) and homeowners insurance ($123/mo) brings total monthly PITI to $1,950.
Norfolk's property tax rate of 1.11% is near the national average, adding a standard increment to monthly housing costs. On the Norfolk median home, that is $273/month, or $3,275 per year.
Virginia levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Norfolk should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Norfolk's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Norfolk's mortgage rate of 6.9% and property tax rate of 1.11%, that translates to a maximum affordable home price of approximately $181,738 with 20% down on a 30-year loan.
To afford the median Norfolk home priced at $295,000, you need an annual gross income of approximately $83,575. Total monthly housing costs (principal and interest of $1,554, property taxes of $273, and insurance of $123) come to $1,950/month, which equals 28% of the required income.
At the median home price of $295,000 and median household income of $58,000, the total monthly housing cost of $1,950 represents 40.3% of gross monthly income. This is well above the standard 28% threshold, making Norfolk a challenging market for buyers at median income.
A conventional 20% down payment on the median Norfolk home of $295,000 is $59,000. An FHA loan requires just 3.5% down — $10,325 — but adds mortgage insurance of roughly $202/month, bringing total FHA payments to $2,472/month.
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