Income & Economy in Norfolk city, VA (23508)
Median Income
$74,524
*Adjusted for inflation (2023 dollars)
IRS Net Migration
+1,135
Wealth inflow
Population
20,119
Unemployment
6.1%
2.4pp above US avg
IRS migration statistics show a net inflow of about 1,135 for ZIP 23508 (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 23508 (2020–Present)
Since 2020, population declined 7.0%, median income fell 0.6% (inflation-adjusted), home values increased 0.7%.
Economy & Jobs key statistics
| Income & Jobs | |
|---|---|
| Median household income | $74,524 |
| Unemployment | 6.1% |
| Establishments | 253 |
| Employees | 2,623 |