What is the Best Neighborhoods USA ranking for Oakwood?
Oakwood is ranked #34 of 114 eligible neighborhoods in Norfolk; #215 of 518 eligible neighborhoods in VA; and #4,957 of 14,967 eligible neighborhoods in the United States.
Neighborhood Profile
Oakwood
Norfolk, VA | Norfolk City
Scored premium profile
Best Neighborhoods USA Index
57.3
Stability and Strength
57.1
Value Opportunity
60.0
Momentum
53.9
Score note: Rankings show denominators so users always see the size of the eligible cohort.
| Context | Value |
|---|---|
| Location | Norfolk, VA |
| County | Norfolk City |
| National rank | #4,957 of 14,967 |
| State rank | #215 of 518 |
| City rank | #34 of 114 |
| County rank | #34 of 114 |
| National percentile | 66.9 |
| National band | MIDDLE_50_PERCENT |
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Housing and local fundamentals
| Housing and market metrics | Value |
|---|---|
| Current Zillow home value | $289,342 |
| Year-over-year home value change | 0.9% |
| Month-over-month home value change | 0.10% |
| Home value to income ratio | 3.81 |
| Median household income | $76,027 |
| Bachelor's degree or higher | 33.0% |
| Civilian unemployment rate | 6.0% |
| Homeownership rate | 78.4% |
| Housing vacancy rate | 0.2% |
| Rent burden 30% or higher | 28.5% |
How to read this profile
- Ranks are always shown with denominators.
- Momentum reflects both year-over-year and month-over-month housing change.
- Stability and Strength and Value Opportunity are governed composite scores.
- Identity composition is descriptive intelligence and is not a scoring component.
Questions and Answers
Questions About Living in Oakwood
Is Oakwood one of the best neighborhoods in Norfolk?
Oakwood has a Best Neighborhoods USA Index of 57.3 and a city ranking of #34 of 114 eligible neighborhoods in Norfolk.
How much are homes worth in Oakwood?
The current Zillow Home Value Index for Oakwood is approximately $289,342.
Are home values rising or falling in Oakwood?
Zillow neighborhood values changed 0.9% year over year and 0.10% month over month.
What is the Neighborhood Momentum Score for Oakwood?
Oakwood has a Neighborhood Momentum Score of 53.9. Momentum is 70% year-over-year and 30% month-over-month Zillow housing change.
What is the median household income in Oakwood?
The NDS-derived neighborhood median household income is approximately $76,027.
How affordable is Oakwood relative to household income?
The current Zillow home-value-to-household-income ratio is 3.81. Price-to-income affordability is a major Value Opportunity input.
Is Oakwood primarily homeowners or renters?
The NDS-derived homeownership rate is approximately 78.4%.
What is the unemployment rate in Oakwood?
The NDS-derived civilian unemployment rate is approximately 6.0%.
How educated are residents of Oakwood?
Approximately 33.0% of residents age 25 and older are estimated to have a bachelor's degree or higher.
What share of renters in Oakwood face high rent burden?
Approximately 28.5% of the applicable renter-household universe is estimated to spend 30% or more of household income on gross rent.
How does Best Neighborhoods USA score Oakwood?
The overall index combines 40% Stability and Strength, 35% Value Opportunity, and 25% Momentum. Race, ethnicity, and identity composition are not scoring components.
Governed ranking context
How this neighborhood ranks
HMDA Mortgage Intelligence
Neighborhood Mortgage Market
Modeled neighborhood-level mortgage activity allocated from governed HMDA tract data using Zillow neighborhood geometry. These neighborhood values are nonadditive and do not enter the Best Neighborhoods USA Index.
Activity year2024
Estimated applications38
Estimated originations21
Home-purchase applications16
Origination rate53.6%
Home-purchase share40.5%
Average application loan$214,128
Total application loan amount$8,216,169
National application rank#8,296 of 14,874 rankable neighborhoods
Geometry coverage100.0%
Recent trend: Applications 15.6% YoY; originations 12.2% YoY
Mortgage methodology
HMDA is natively reported at tract and other lender-reporting geographies, not Zillow neighborhood or ZIP geography. This module uses the certified NDS HMDA-to-Zillow tract-vintage crosswalk and area-weighted allocation. Rankings require governed geometry coverage. Applicant demographics are excluded. Neighborhood values may overlap and must not be summed to reconstruct ZIP or national totals.