Among the Mid-Atlantic and Southern MSAs, the Norfolk MSA has the largest percentage of its population in the key 20 to 35 years age bracket.
Historically, the Norfolk MSA requires only 5.2 new jobs to absorb one multifamily unit, a ratio lower than nearly every other MSA in the region.
Military spending has increased to pre-Sequestration levels, reaching a total payroll of $10.13 billion in for active duty, retirees and private contractors and increases are expected to continue with the awarding of new contracts for ship construction.
Nearly half of the military population rent homes in the local community with an average housing allowance above $1,200 per month, exceeding average rent in the MSA by $240 per month or more.
The MSA is home to seven separate nonprofit universities and a medical school serving a combined 53,000 students, and employing more than 11,500.