Wealth Index
Wealthier than 83% of counties in Virginia
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $102,793 | $91,409 | $78,145 |
| Median Personal Income | $74,425 | $68,517 | $61,726 |
| Average income growth | 5.7% | 4.6% | 5.1% |
| Six-Figure Earners | 19.7% | 17.6% | 13.2% |
The median household income in Albemarle County is about 12% higher than in Virginia. Income has been growing faster in Albemarle County (5.7%/yr) than in Virginia (4.6%/yr).
About 20% of adults in Albemarle County earn six figures ($100,000 or more) a year, higher than the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Albemarle County, Virginia grew by 59.4% from 2009 to 2023, reaching $102,793 in 2023. That's an average of about 5.7% per year.
Economic Inequality in Albemarle County | Gender Pay Gap | Gini Coefficient
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.566 | 0.565 | 0.570 |
| Male Median Income | $84,322 | $76,014 | $67,746 |
| Female Median Income | $66,927 | $60,748 | $54,793 |
| Gender Pay Gap | 20.6% | 20.1% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Albemarle County, it is 0.566, about the same as Virginia's 0.565, so income here is about as evenly distributed as there, and about the same as the US's 0.570, so income here is about as evenly distributed as there.
Men's income is about 26% more than women's income in Albemarle County, Virginia. Over a 35-year career, a 26% wage gap accumulates to roughly $608,825 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Albemarle County, Virginia has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $6,101 since 2009.
Employment
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.2% | 5.2% |
| Working from Home | 20.2% | 16.2% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 1,939 people are unemployed in Albemarle County, Virginia.
The average commute time in Albemarle County is 20 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Albemarle County, Virginia has fallen from 4.3% to 3.3% in 2023.
Conclusion
Considering all these factors, Albemarle County, Virginia has an overall wealth index grade of B, making it somewhat better than Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Albemarle County, Virginia.
How Wealthy Is Albemarle County, Virginia?
Albemarle County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $102,793, about 12% higher than the Virginia average of $91,409.
What is the current median household income in Albemarle County, Virginia?
As of 2023, the median household income in Albemarle County, Virginia is $102,793.
What was the median household income in Albemarle County in 2023?
In 2023, the median household income in Albemarle County, Virginia was $102,793.
What was the median household income in Albemarle County in 2020?
In 2020, the median household income in Albemarle County, Virginia was $84,102.
What is the Gini coefficient in Albemarle County, Virginia?
The Gini coefficient in Albemarle County is 0.566. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is almost the same as the US average of 0.570, so income is distributed about as equally as in the country overall.
How has the income gap between men and women changed in Albemarle County, Virginia?
The income gap between men and women in Albemarle County, Virginia has stayed about the same since 2009, at around 21%. In dollar terms, the gap has widened by $6,101 since 2009.