Norfolk city, Virginia: commercial real estate data.
Norfolk city, Virginia has a population of 233,596 across 54 square miles, down 2.9 percent since the 2020 census base. County output reached $26.77 bn in 2024, 5,398 establishments operate here, and the SBA record carries 107 7(a) approvals worth $52.0 m.
120 sourced county values · tier FULL · 11 sections · underlined figures are computed by MMCG Analytics, not published by the agency
Norfolk city
How many people live in Norfolk city
- Population233,596
- Households94,965
- Average household size2.46
- Median household income$66,109
- Median age32.7
- Median gross rent$1,321 per month
- Median owner-occupied home value$289,900
- Home value to household income4.4 times
- Annual rent as a share of median income24.0 percent
- Adults 25 and over with a bachelor degree or higher33.5 percent
- Adults 25 and over with a graduate degree14.1 percent
- Adults 25 and over151,600
- Population under 1847,536
- Share under 1820.3 percent
- Population 65 and over30,440
- Share 65 and over13.0 percent
- Working age population, 18 to 64155,620
- Civilian labor force109,130
- Unemployment rate5.7 percent
- Labor force participation, adults 18 and over58.7 percent
- Rank by population among Virginia independent cities9th of 133
- Rank by population among US county-equivalents304th
Norfolk city is the 9th largest of 133 Virginia independent cities by population. A median home costs 4.4 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 20.3 percent against 13.0 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Norfolk city
Is Norfolk city's population growing?
- Population change since the 2020 census base-2.91 percent
- Census 2020 base population238,029
- Births, 20243,052
- Deaths, 20242,117
- Natural change, 2024935
- Net domestic migration, 2024-2,550
- Net international migration, 20241,370
- Total net migration, 2024-1,180
- Cumulative net domestic migration, 2021 to 2024-13,789
- Rank by growth among US county-equivalents2723rd
The county has lost 2.91 percent of its population since the 2020 census base. Births exceeded deaths in 2024 but more people left than arrived, so the population is being sustained internally rather than attracting.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Norfolk city
Where are people moving to Norfolk city from?
- Tax returns filed by households arriving11,525
- People arriving, from those returns18,892
- Adjusted gross income arriving$602.6 m
- Net adjusted gross income movement$0
- Average income of an arriving household$52,282
- Largest single originNorfolk city Non-migrants (73,287 households)
- Largest single destination (73,287 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Norfolk city Non-migrants | 73,287 | 134,642 | $5.02 bn |
| Other flows - Different State | 3,039 | 4,839 | $167.7 m |
| Virginia Beach city | 2,555 | 4,108 | $119.9 m |
| Other flows - South | 1,453 | 2,368 | $81.2 m |
| Chesapeake city | 1,105 | 1,870 | $49.9 m |
| Other flows - Northeast | 628 | 974 | $36.4 m |
| Other flows - Midwest | 493 | 767 | $26.7 m |
| Portsmouth city | 485 | 908 | $17.9 m |
The largest single source of arrivals is Norfolk city Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Norfolk city
What is the Norfolk city economy?
- County GDP, 2024$26.77 bn
- County GDP, 2023$25.59 bn
- GDP change, 2023 to 20244.6 percent
- GDP change over five years32.5 percent
- Rank by GDP among Virginia independent cities8th
- Rank by GDP among US county-equivalents211th
- GDP per resident$114,585
Output grew 4.6 percent in the latest year and 32.5 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Norfolk city
Largest employers in Norfolk city
- Covered employment, annual average144,085
- Establishments reporting6,441
- Average annual pay$72,432
- Average weekly wage$1,393
- Sector 62, employment22,079
- Sector 62, average annual pay$72,817
- Sector 54, employment12,025
- Sector 54, average annual pay$90,687
- Sector 72, employment10,378
- Sector 72, average annual pay$25,974
- Sector 44-45, employment10,011
- Sector 44-45, average annual pay$36,518
- Sector 56, employment8,968
- Sector 48-49, employment8,128
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 22,079 | 1,317 | $72,817 |
| Sector 54 | 12,025 | 765 | $90,687 |
| Sector 72 | 10,378 | 614 | $25,974 |
| Sector 44-45 | 10,011 | 701 | $36,518 |
| Sector 56 | 8,968 | 307 | $51,830 |
| Sector 48-49 | 8,128 | 214 | $88,741 |
| Sector 31-33 | 5,968 | 166 | $71,891 |
| Sector 52 | 5,674 | 262 | $104,228 |
The largest sector is the biggest private employer group at 22,079 jobs, 15.3 percent of covered employment. Average pay per job exceeds median household income, which usually means single earner households and a wage base that can carry rent.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Norfolk city
How many businesses are in Norfolk city?
- Establishments, all industries5,398
- Employment at those establishments109,272
- Annual payroll$6.77 bn
- Establishments per 1,000 residents23.1
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Norfolk city
Building permits in Norfolk city
- Housing units authorised by permit, 2024438
- Declared construction value permitted$71.4 m
- Single family units authorised145
- Multifamily units authorised293
- Multifamily share of units66.9 percent
- Average declared value per unit$162,960
- Units authorised per 1,000 households4.6
Multifamily is 66.9 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Norfolk city
SBA loans in Norfolk city (7(a) and 504)
- 7(a) approvals recorded107
- 7(a) gross approval dollars$52.0 m
- Average 7(a) approval$486,231
- Median 7(a) approval$275,000
- 10th percentile approval$35,000
- 90th percentile approval$1,282,000
- Largest single approval$4,790,000
- Jobs reported supported, 7(a)1,285
- Jobs per approval12.0
- Distinct 7(a) lenders active41
- Distinct industries receiving approvals69
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer15.0 percent
- Loans on real estate terms16
- Loans on working capital terms, 120 months or shorter82
- Franchise loans21
- Franchise share of approvals19.6 percent
- Leading industry by approval countGeneral Freight Trucking, Local (7)
- Most active lenderNewtek Bank, National Association (14)
- 504 approvals recorded115
- 504 gross approval dollars$67.6 m
- Average 504 approval$588,035
- Median 504 approval$378,000
- Distinct CDCs active3
- 504 jobs per approval6.2
- 504 jobs per million dollars approved10.5
- Most active CDC504 Capital Corporation (96)
- 7(a) share of SBA approvals48.2 percent
- Combined SBA approval dollars$119.7 m
The average approval of $486,231 sits well above the median of $275,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 15.0 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Norfolk city
SBA loan default and charge-off rates in Norfolk city
Do SBA loans in Norfolk city get paid back?
- Loans with a final outcome recorded14
- Paid in full13
- Charged off1
- Charge off rate on resolved loans7.1 percent
- Status: Paid in full13
- Status: Exempt from disclosure74
- Status: Cancelled14
- Status: Charged off1
- Status: Committed, not yet disbursed5
Of the 14 loans that have reached a final outcome, 7.1 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Norfolk city
SBA lending by place in Norfolk city
- Places in the county with recorded lending3
- Norfolk, approvals105
- Norfolkd, approvals1
- VIRGINIA BEACH, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Norfolk | 105 | $51,301,600 |
| Norfolkd | 1 | $590,000 |
| VIRGINIA BEACH | 1 | $135,100 |
Norfolk accounts for 105 approvals against 1 in Norfolkd. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Norfolk city
How large is Norfolk city?
- Land area54 sq mi
- Rank by land area among Virginia independent cities100th of 133
- Width, east to west9.3 mi
- Height, north to south10.2 mi
- Geographies sharing a boundary3
- Residents per square mile of land4,326
- Establishments per square mile99.96
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Norfolk city site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Norfolk city site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population233,596
- Households94,965
- Average household size2.46
- Median household income$66,109
- Median age32.7
Common questions
Norfolk city questions, answered from the record.
How many people live in Norfolk city, Virginia?
233,596, in 94,965 households, ranking 9th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Norfolk city's population growing?
The population has fallen 2.91 percent since the 2020 census base. In 2024 there were 3,052 births against 2,117 deaths, with net migration of -1,180. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Norfolk city?
$66,109. The median owner-occupied home is valued at $289,900, which is 4.4 times income, and median gross rent is $1,321 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Norfolk city?
5,398 establishments, employing 109,272 people with an annual payroll of $6.77 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Norfolk city?
Average annual pay is $72,432, or $1,393 a week, across 144,085 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Norfolk city?
107 7(a) approvals totalling $52.0 m since FY2020, across 41 lenders, with a median approval of $275,000, plus 115 504 approvals worth $67.6 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Norfolk city get paid back?
Of the 14 loans that have reached a final outcome, 13 were paid in full and 1 charged off, a charge off rate of 7.1 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Norfolk city?
438 housing units were authorised by permit in 2024, with a declared construction value of $71.4 m. Multifamily was 66.9 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Norfolk city?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Norfolk city come from?
The largest single origin is Norfolk city Non-migrants, with 73,287 households. Arriving households report an average income of $52,282 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Norfolk city on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Norfolk city?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.