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 | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $77,382 | $91,409 | $78,145 |
| Median Personal Income | $59,747 | $68,517 | $61,726 |
| Average income growth | 4.4% | 4.6% | 5.1% |
| Six-Figure Earners | 11.2% | 17.6% | 13.2% |
The median household income in Bedford County is about 15% lower than in Virginia. Income has been growing slower in Bedford County (4.4%/yr) than in Virginia (4.6%/yr).
About 11% of adults in Bedford 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 Bedford County, Virginia grew by 49.2% from 2009 to 2023, reaching $77,382 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Bedford County | Gender Pay Gap | Gini Coefficient
| Metric | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.541 | 0.565 | 0.570 |
| Male Median Income | $67,438 | $76,014 | $67,746 |
| Female Median Income | $51,286 | $60,748 | $54,793 |
| Gender Pay Gap | 24.0% | 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 Bedford County, it is 0.541, 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 31% more than women's income in Bedford County, Virginia. Over a 35-year career, a 31% wage gap accumulates to roughly $565,320 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Bedford County, Virginia has narrowed from about 29% to 24% in 2023. In dollar terms, the gap has widened by $2,528 since 2009.
Employment
| Metric | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.2% | 4.2% | 5.2% |
| Working from Home | 11.1% | 16.2% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,217 people are unemployed in Bedford County, Virginia.
The average commute time in Bedford County is 23 minutes, about the same as in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Bedford County, Virginia has fallen from 6.1% to 3.2% in 2023.
Conclusion
Considering all these factors, Bedford County, Virginia has an overall wealth index grade of B, making it about on par with Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Bedford County, Virginia.
How Rich Is Bedford County, Virginia?
Bedford 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 $77,382, about 15% lower than the Virginia average of $91,409.
What is the current median household income in Bedford County, Virginia?
As of 2023, the median household income in Bedford County, Virginia is $77,382.
What was the median household income in Bedford County in 2023?
In 2023, the median household income in Bedford County, Virginia was $77,382.
What was the median household income in Bedford County in 2020?
In 2020, the median household income in Bedford County, Virginia was $67,953.
What is the Gini coefficient in Bedford County, Virginia?
The Gini coefficient in Bedford County is 0.541. 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 Bedford County, Virginia?
Since 2009, the income gap between men and women in Bedford County, Virginia has narrowed from about 29% to 24% in 2023. In dollar terms, the gap has widened by $2,528 since 2009.