The 2 bedroom rent in 23505 Norfolk, VA is $1,300 per month, which is slightly lower than the national average of $1,430. Additionally, the Grocery Cost Index in Norfolk is 98 compared to the US average of 100. This suggests that groceries are slightly cheaper in Norfolk than in other parts of the country.
Norfolk is home to many companies that serve a wide variety of industries. The city has a strong presence in retail banking, maritime services, and medical research/education. For example, TowneBank is one of the largest locally owned banks on the East Coast; Crowley Maritime Services provides logistics and transport services for both commercial and government customers; and Eastern Virginia Medical School offers medical degrees and conducts research on various health topics. All three organizations have established themselves as important members of the Norfolk business community.
Norfolk (zip 23505) has an unemployment rate of 7.3%. The US average is 6.0%.
Norfolk (zip 23505) has seen the job market decrease by -5.8% over the last year. Future job growth over the next ten years is predicted to be 31.2%, which is lower than the US average of 33.5%.
Tax Rates for Norfolk (zip 23505)
- The Sales Tax Rate for Norfolk (zip 23505) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Norfolk (zip 23505) is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Norfolk (zip 23505)
- The average income of a Norfolk (zip 23505) resident is $36,489 a year. The US average is $37,638 a year.
- The Median household income of a Norfolk (zip 23505) resident is $54,488 a year. The US average is $69,021 a year.