Wealth Index
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 | Alleghany County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $54,645 | $91,409 | $78,145 |
| Median Personal Income | $49,037 | $68,517 | $61,726 |
| Average income growth | 2.7% | 4.6% | 5.1% |
| Six-Figure Earners | 5.7% | 17.6% | 13.2% |
The median household income in Alleghany County is about 40% lower than in Virginia. Income has been growing slower in Alleghany County (2.7%/yr) than in Virginia (4.6%/yr).
About 6% of adults in Alleghany County earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Alleghany County, Virginia grew by 23.7% from 2009 to 2023, reaching $54,645 in 2023. That's an average of about 2.7% per year.
Economic Inequality in Alleghany County | Gender Pay Gap | Gini Coefficient
| Metric | Alleghany County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.542 | 0.565 | 0.570 |
| Male Median Income | $59,588 | $76,014 | $67,746 |
| Female Median Income | $39,217 | $60,748 | $54,793 |
| Gender Pay Gap | 34.2% | 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 Alleghany County, it is 0.542, lower than Virginia's 0.565, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 52% more than women's income in Alleghany County, Virginia. Over a 35-year career, a 52% wage gap accumulates to roughly $712,985 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Alleghany County, Virginia has narrowed from about 35% to 34% in 2023. In dollar terms, the gap has widened by $3,886 since 2009.
Employment
| Metric | Alleghany County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.5% | 4.2% | 5.2% |
| Working from Home | 4.0% | 16.2% | 13.4% |
| Commute time (minutes) | 18 | 23 | 22 |
Approximately 157 people are unemployed in Alleghany County, Virginia.
The average commute time in Alleghany County is 18 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Alleghany County, Virginia has fallen from 7.3% to 2.5% in 2023.
Conclusion
Considering all these factors, Alleghany County, Virginia has an overall wealth index grade of D, making it somewhat worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Alleghany County, Virginia.
How Wealthy Is Alleghany County, Virginia?
Alleghany County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $54,645, about 40% lower than the Virginia average of $91,409.
What is the current median household income in Alleghany County, Virginia?
As of 2023, the median household income in Alleghany County, Virginia is $54,645.
What was the median household income in Alleghany County in 2023?
In 2023, the median household income in Alleghany County, Virginia was $54,645.
What was the median household income in Alleghany County in 2020?
In 2020, the median household income in Alleghany County, Virginia was $48,164.
What is the Gini coefficient in Alleghany County, Virginia?
The Gini coefficient in Alleghany County is 0.542. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Alleghany County, Virginia?
Since 2009, the income gap between men and women in Alleghany County, Virginia has narrowed from about 35% to 34% in 2023. In dollar terms, the gap has widened by $3,886 since 2009.