Wealth Index
Wealthier than 73% 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 | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,879 | $91,409 | $78,145 |
| Median Personal Income | $60,443 | $68,517 | $61,726 |
| Average income growth | 6.0% | 4.6% | 5.1% |
| Six-Figure Earners | 11.1% | 17.6% | 13.2% |
The median household income in Caroline County is about 4% lower than in Virginia. Income has been growing faster in Caroline County (6.0%/yr) than in Virginia (4.6%/yr).
About 11% of adults in Caroline 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 Caroline County, Virginia grew by 53.5% from 2009 to 2023, reaching $87,879 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Caroline County | Gender Pay Gap | Gini Coefficient
| Metric | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.509 | 0.565 | 0.570 |
| Male Median Income | $68,838 | $76,014 | $67,746 |
| Female Median Income | $54,208 | $60,748 | $54,793 |
| Gender Pay Gap | 21.3% | 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 Caroline County, it is 0.509, 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 27% more than women's income in Caroline County, Virginia. Over a 35-year career, a 27% wage gap accumulates to roughly $512,050 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Caroline County, Virginia has narrowed from about 23% to 21% in 2023. In dollar terms, the gap has widened by $3,906 since 2009.
Employment
| Metric | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.3% | 4.2% | 5.2% |
| Working from Home | 10.1% | 16.2% | 13.4% |
| Commute time (minutes) | 31 | 23 | 22 |
Approximately 733 people are unemployed in Caroline County, Virginia.
The average commute time in Caroline County is 31 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Caroline County, Virginia has fallen from 10.5% to 4.3% in 2023.
Conclusion
Considering all these factors, Caroline 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 Caroline County, Virginia.
How Rich Is Caroline County, Virginia?
Caroline 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 $87,879, about 4% lower than the Virginia average of $91,409.
What is the current median household income in Caroline County, Virginia?
As of 2023, the median household income in Caroline County, Virginia is $87,879.
What was the median household income in Caroline County in 2023?
In 2023, the median household income in Caroline County, Virginia was $87,879.
What was the median household income in Caroline County in 2020?
In 2020, the median household income in Caroline County, Virginia was $69,055.
What is the Gini coefficient in Caroline County, Virginia?
The Gini coefficient in Caroline County is 0.509. 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 Caroline County, Virginia?
Since 2009, the income gap between men and women in Caroline County, Virginia has narrowed from about 23% to 21% in 2023. In dollar terms, the gap has widened by $3,906 since 2009.