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An affordable cost of living makes it easier to attract good people and retain them when your company is located in that area. Employees’ paychecks will stretch farther in Norfolk than in many other parts of the country. As a result, you can offer wages that are competitive but hold down labor costs compared to other parts of the country, making your company more competitive on a global scale.

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Hampton Roads Cost of Living:

Hampton Roads Cost of Living: 2018 Annual Average
Composite Index 96.5
Groceries 96.8
Housing 92.4
Transportation 91.5
Health Care 96.9
Miscellaneous 101.2
National average 100

 

 

 

Here's How the Hampton Roads MSA compares to other MSAs
City Composite Index Food Items Housing Health Care
Baltimore, MD 116.9 111.4 147.2 90
Charleston, SC 100.7 95.2 94.4 106.5
Charlotte, NC 97.0 99.6 85.2 107.6
Chicago, IL 123.2 102.7 156.9 101.8
Detroit, MI 95.1 89 92.3 97.3
Indianapolis, IN 92.8 94.4 79.2 91.7
Jacksonville, FL 91.9 98.2 86.1 83
Miami, FL 116.2 110.2 146 96.2
New York City, NY 248.5 139.5 522.8 114.8
Newark, NJ 123.5 106.1 158.7 103.3
Norfolk, VA 96.5 96.8 92.4 96.9
Philadelphia, PA 113.4 116.7 124.3 103.5
Richmond, VA 94.9 86.7 88.2 115.6
Savannah, GA 88.0 93.7 64.5 99.5
Washington, D.C. 162.6 117 267.3 99.8

 

 

 

 

The Cost of Living Index is interpreted as follows. The national average is set as the base of comparison and is thus 100. Any value above 100 indicates the Cost of Living in the selected area is higher, or it is more expensive to live there. Any value below 100 indicates the Cost of Living in the selected area is lower, or it is cheaper to live there. In the table for the Hampton Roads Cost of Living, the Composite Index is 96.5, meaning it is less expensive to live in Hampton Roads compared to the national average, or, it is 3.5% less expensive to live in Hampton Roads compared to the national average.

Norfolk Department of Economic Development Mission

Generate wealth for the City of Norfolk through business expansion, enhancement, and new business development complementary to our neighborhoods.

Contact Info

(757) 664-4338
999 Waterside Drive
Suite 2430
Norfolk, VA 23510

Staff Details

Jared Chalk
Interim Economic Development Director 

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