Income & Economy in Norfolk city, VA (23505)
Median Income
$55,678
*Adjusted for inflation (2023 dollars)
IRS Net Migration
+1,635
Wealth inflow
Population
28,983
Unemployment
7.7%
4.0pp above US avg
IRS migration statistics show a net inflow of about 1,635 for ZIP 23505 (Norfolk city, VA) on US5’s published series — a signal of people/tax filers moving in relative to those leaving. Inflows often track job growth, housing demand, or lifestyle migration; treat the figure as a directional indicator rather than a precise headcount.
Historical Trends in 23505 (2020–Present)
Since 2020, population declined 1.8%, median income fell 5.1% (inflation-adjusted), home values increased 3.4%.
Economy & Jobs key statistics
| Income & Jobs | |
|---|---|
| Median household income | $55,678 |
| Unemployment | 7.7% |
| Establishments | 407 |
| Employees | 6,528 |