1031 Exchange Norfolk/Hampton Roads, Virginia

Virginia Opportunity Zones

Surrounding metropolitan Area

Norfolk/Hampton Roads, Virginia is a part of the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan area, and contains 21 zip codes, including: 23509, 23551, 23517, 23541, 23523, and 23502.

Norfolk/Hampton Roads Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Norfolk/Hampton Roads, VA metropolitan area was $1,051, which is 12.05% lower than 2014 average rent. This represents a compounded annual growth rate of 2.30%. 2019 vacancy in Norfolk/Hampton Roads, VA was 3.40%.

The total population of the city of Norfolk/Hampton Roads, VA has grown 0.52% since 2010. As of 2018, the population was 244,076. The median household income of the Norfolk/Hampton Roads was $49,146, which is 18.49% lower than the national average.

  • metropolitan area Virginia Beach-Norfolk-Newport News, VA-NC
  • avg rent $1,051
  • rent growth 12.05%
  • vacancy 3.40%
  • median income $49,146
  • population (2018) 244,076
  • population growth 0.52%
  • vs. nat'l avg 18.49%
  • zip codes 23501 23502 23503 23504 23505 23506 23507 23508 23509 23510 23511 23513 23514 23515 23517 23518 23519 23523 23529 23541 23551

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