Income & Economy in Farmington city, MN (55024)
Median Income
$123,582
*Adjusted for inflation (2023 dollars)
IRS Net Migration
+2,604
Wealth inflow
Population
36,681
Unemployment
3.1%
0.6pp below US avg
IRS migration statistics show a net inflow of about 2,604 for ZIP 55024 (Farmington city, MN) 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 55024 (2020–Present)
Since 2020, population declined 0.6%, median income rose 4.4% (inflation-adjusted), home values increased 8.3%.
Economy & Jobs key statistics
| Income & Jobs | |
|---|---|
| Median household income | $123,582 |
| Unemployment | 3.1% |
| Establishments | 467 |
| Employees | 3,757 |