Setting Sail for the C2ER Conference in Norfolk? Here’s What it Costs to Live There

The Council for Community Economic Research, or C2ER, is having its annual conference in the historic port town of Norfolk, VA from June 12-14, 2024. Some conference attendees might fall in love with the place and want to make Norfolk their new home. Perhaps attendees are looking to buy a second home there. Maybe someone is just curious about what it’s like to live there. Either way, this is an excellent time to look at Norfolk using COLI data. In addition to general quality of life, curious visitors might want to understand the cost of living compared to their current area.

Starting off, the composite COLI calculation for Norfolk, VA comes in at 100.2, which means it is pretty much at the national average when it comes to cost of living. Unlike other areas, housing is not the main driving factor in Norfolk’s living costs: in fact, according to our data, the housing index is 93.1, meaning that housing is about 7% lower than the national average. Rent runs an average of $1,612, and homes cost an average of $435,157. Utilities are the main driver of its higher cost of living, which is 109.3 – which means your electricity bill will probably be somewhere around $106.32 per month.

Digging a little deeper, let’s have a look at Norfolk’s Median Household Income (MHI), as well as real spending power by layering in COLI data.

Nominally, the median household income in Norfolk is just above $60,000. Adjusting for cost of living, however, real income falls to under $57,000. So, if someone is considering relocating to the area, it is important that you look at the COLI-adjusted MHI.

The annual C2ER conference in Norfolk, VA, offers attendees not only a chance to engage in vital economic development discussions but also an opportunity to explore the possibility of living in this historic port town. With a composite score close to the national average, affordable housing, and a relatively high utility cost, Norfolk presents a balanced picture for cost of living. Understanding the purchasing power of a dollar is crucial to understanding where you should relocate whether you are a business or resident. Check out COLI today to help in finding your next move!

In any case, we hope to see you at the C2ER Conference and LMI Forum in Norfolk!