Norfolk city, Virginia: commercial real estate data.
Norfolk city, Virginia had an estimated 231,105 residents on July 1, 2024, down 2.9 percent since the 2020 census base of 238,029, across 54 square miles. 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 since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Norfolk city
How many people live in Norfolk city
- Population, American Community Survey 2020-2024233,596
- 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-equivalents, Puerto Rico included304th of 3,222
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 seriously unaffordable 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, July 1, 2024231,105
- Census 2020 base population238,029
- Population change since the 2020 census base-2.91 percent
- Population change, 2023 to 2024-273
- 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 of 3,144
The county has lost 2.91 percent of its population since the 2020 census base. More people left than moved in during 2024 and births over deaths did not make up the difference, so the population fell.
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
- Tax returns filed by households leaving12,700
- Net household movement-1,175
- Adjusted gross income arriving$602.6 m
- Net adjusted gross income movement$-346.9 m
- Average income of an arriving household$52,282
- Average income of a leaving household$74,762
- Largest single originVirginia Beach city (2,555 households)
- Largest single destinationVirginia Beach city (2,715 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Virginia Beach city | 2,555 | 4,108 | $119.9 m |
| Chesapeake city | 1,105 | 1,870 | $49.9 m |
| Portsmouth city | 485 | 908 | $17.9 m |
| Hampton city | 306 | 482 | $14.8 m |
| Foreign - APO/FPO ZIPs | 293 | 479 | $14.1 m |
| Newport News city | 245 | 395 | $10.2 m |
| San Diego County | 194 | 384 | $12.1 m |
| Suffolk city | 161 | 270 | $14.8 m |
Households arriving report $22,480 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Virginia Beach city, 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 the Virginia areas BEA publishes8th of 105
- Rank by GDP among the US county areas BEA publishes211th of 3,127
- 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
Employment by industry in Norfolk city
- Covered employment, annual average144,085
- Establishments reporting6,441
- Average annual pay$72,432
- Average weekly wage$1,393
- Health care and social assistance, employment22,079
- Health care and social assistance, average annual pay$72,817
- Professional, scientific and technical services, employment12,025
- Professional, scientific and technical services, average annual pay$90,687
- Accommodation and food services, employment10,378
- Accommodation and food services, average annual pay$25,974
- Retail trade, employment10,011
- Retail trade, average annual pay$36,518
- Administrative and support and waste management services, employment8,968
- Transportation and warehousing, employment8,128
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 22,079 | 1,317 | $72,817 |
| Professional, scientific and technical services | 12,025 | 765 | $90,687 |
| Accommodation and food services | 10,378 | 614 | $25,974 |
| Retail trade | 10,011 | 701 | $36,518 |
| Administrative and support and waste management services | 8,968 | 307 | $51,830 |
| Transportation and warehousing | 8,128 | 214 | $88,741 |
| Manufacturing | 5,968 | 166 | $71,891 |
| Finance and insurance | 5,674 | 262 | $104,228 |
Health care and social assistance is the largest private sector at 22,079 jobs, 15.3 percent of covered employment.
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. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Norfolk city
Building permits in Norfolk city
- Housing units authorized by permit, 2024438
- Declared construction value permitted$71.4 m
- Single family units authorized145
- Multifamily units authorized293
- Multifamily share of units66.9 percent
- Average declared value per unit$162,960
- Units authorized per 1,000 households4.6
Multifamily is 66.9 percent of units authorized, 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$38,000
- 90th percentile approval$1,156,660
- 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)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$119.7 m
The average approval of $486,231 sits well above the median of $275,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here 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
- Status: Paid in full13
- Status: Exempt from disclosure74
- Status: Cancelled14
- Status: Charged off1
- Status: Committed, not yet disbursed5
Only 14 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
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
- Borrower cities with recorded lending3
- Norfolk, approvals105
- Norfolkd, approvals1
- Virginia Beach, approvals1
| Borrower city | 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.
Norfolk city
Flood risk in Norfolk city
- Participation of the county's own NFIP community Norfolk, city ofParticipating, community 510104
- Community Rating System class of the county's own communityClass 5
- Communities in the county in the NFIP Community Status Book1
- Of those, participating in the NFIP1
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 5
- Communities carrying a CRS class1
- Radon levels in Norfolk city, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, the City of Norfolk (community 510104), participates in the National Flood Insurance Program and carries Community Rating System class 5, a flood insurance premium discount for policies written there. The EPA places Norfolk city in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 5, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
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.
- Population, American Community Survey 2020-2024233,596
- 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?
The Census Bureau estimates 231,105 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 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 of 238,029, to 231,105 on July 1, 2024. 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 employment by industry in Norfolk city?
Health care and social assistance is the largest private sector at 22,079 jobs, 15.3 percent of covered employment. Covered employment averages 144,085 jobs at an average annual pay of $72,432, or $1,393 a week. 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 totaling $52.0 m since FY2020, across 41 lenders, with a median approval of $275,000, plus 115 504 approvals worth $67.6 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Norfolk city?
438 housing units were authorized 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 Virginia Beach city, with 2,555 households. Arriving households report an average income of $52,282 against $74,762 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?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
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