Norton city, Virginia Housing Market
In Norton city, Virginia, the median home value is $110,000, with a median monthly rent of $692. This places Norton city at #2797 nationally out of 3134 counties by median home value, and #128 within Virginia.
📈 Price Trend (2017 → 2024)
ℹ️ FHFA HPI data is not available for this county due to limited mortgage transaction volume.
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $919
- Establishments: 214
- BLS QCEW, 2025
Housing Supply
- Single-family: 1
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 1,454 (avg $49,407)
- Outflow: 1,362 (avg $51,133)
- IRS Statistics of Income
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| Metric | Norton city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $110,000 | $295,807 | $227,706 |
| Median Gross Rent | $692 | $1,169 | $968 |
| Owner Occupancy Rate | 50.0% | 70.8% | 73.3% |
| Price/Rent Ratio | 13.2 | 20.3 | 18.7 |
Market Analysis
The median home value in Norton city is 62.8% below the Virginia state average and 51.7% below the U.S. national average. The median rent of $692/month is 40.8% below the state average.
With a price-to-rent ratio of 13.2, buying a home in Norton city is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Norton city has an owner-occupancy rate of 50.0%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Searcy County | Arkansas | $110,000 | $606 |
| Guadalupe County | New Mexico | $110,000 | $590 |
| Holmes County | Florida | $110,200 | $844 |
| Metcalfe County | Kentucky | $110,200 | $582 |
| Chickasaw County | Mississippi | $109,800 | $670 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Dickenson County | $102,700 | $738 | 76.1% |
| Tazewell County | $118,300 | $795 | 74.4% |
| Wise County | $118,600 | $790 | 74.2% |
| Danville city | $119,100 | $836 | 47.8% |
| Russell County | $120,600 | $653 | 76.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).