Wealth Index
Less wealthy than 84% 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 | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $59,548 | $91,409 | $78,145 |
| Median Personal Income | $49,876 | $68,517 | $61,726 |
| Average income growth | 4.8% | 4.6% | 5.1% |
| Six-Figure Earners | 6.0% | 17.6% | 13.2% |
The median household income in Buckingham County is about 35% lower than in Virginia. Income has been growing faster in Buckingham County (4.8%/yr) than in Virginia (4.6%/yr).
About 6% of adults in Buckingham 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 Buckingham County, Virginia grew by 59.0% from 2009 to 2023, reaching $59,548 in 2023. That's an average of about 4.8% per year.
Economic Inequality in Buckingham County | Gender Pay Gap | Gini Coefficient
| Metric | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.564 | 0.565 | 0.570 |
| Male Median Income | $55,159 | $76,014 | $67,746 |
| Female Median Income | $45,899 | $60,748 | $54,793 |
| Gender Pay Gap | 16.8% | 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 Buckingham County, it is 0.564, about the same as Virginia's 0.565, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 20% more than women's income in Buckingham County, Virginia. Over a 35-year career, a 20% wage gap accumulates to roughly $324,100 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Buckingham County, Virginia has narrowed from about 42% to 17% in 2023. In dollar terms, the gap has narrowed by $11,875 since 2009.
Employment
| Metric | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 4.2% | 5.2% |
| Working from Home | 6.6% | 16.2% | 13.4% |
| Commute time (minutes) | 38 | 23 | 22 |
Approximately 339 people are unemployed in Buckingham County, Virginia.
The average commute time in Buckingham County is 38 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Buckingham County, Virginia has fallen from 8.0% to 4.9% in 2023.
Conclusion
Considering all these factors, Buckingham 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 Buckingham County, Virginia.
How Rich Is Buckingham County, Virginia?
Buckingham 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 $59,548, about 35% lower than the Virginia average of $91,409.
What is the current median household income in Buckingham County, Virginia?
As of 2023, the median household income in Buckingham County, Virginia is $59,548.
What was the median household income in Buckingham County in 2023?
In 2023, the median household income in Buckingham County, Virginia was $59,548.
What was the median household income in Buckingham County in 2020?
In 2020, the median household income in Buckingham County, Virginia was $48,718.
What is the Gini coefficient in Buckingham County, Virginia?
The Gini coefficient in Buckingham County is 0.564. 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 Buckingham County, Virginia?
Since 2009, the income gap between men and women in Buckingham County, Virginia has narrowed from about 42% to 17% in 2023. In dollar terms, the gap has narrowed by $11,875 since 2009.