Cave Spring, Virginia Income Statistics
Cave Spring Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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B
Cave Spring Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $83,579 | $93,527 | $80,455 |
| Median Personal Income | $60,622 | $68,139 | $60,758 |
| Average Yearly Income Growth | 4.4% | 4.3% | 4.8% |
| Six-Figure Earners | 14.2% | 18.3% | 13.9% |
| $200k+ Households | 10.9% | 17.7% | 13.2% |
The median household income in Cave Spring is about 11% lower than in Virginia. Income has been growing faster in Cave Spring (4.4%/yr) than in Virginia (4.3%/yr).
About 14% of adults in Cave Spring earn six figures ($100,000 or more) a year, lower than the Virginia average of 18%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Cave Spring, Virginia grew by 42.7% from 2009 to 2024, reaching $83,579 in 2024. That's an average of about 4.4% per year.
Income Inequality and the Gender Pay Gap in Cave Spring
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.511 | 0.544 | 0.552 |
| Male Median Income | $75,618 | $78,585 | $69,667 |
| Female Median Income | $56,855 | $62,626 | $56,850 |
| Gender Pay Gap | 24.8% | 20.3% | 18.4% |
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 Cave Spring, it is 0.511, lower than Virginia's 0.544, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 33% more than women's income in Cave Spring, Virginia. Over a 35-year career, a 33% wage gap accumulates to roughly $656,705 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cave Spring, Virginia has narrowed from about 29% to 25% in 2024. Over that period the gap was widest at 30% in 2011, and was narrowest at 15% in 2019. In dollar terms, the gap has widened by $2,390 since 2009.
Employment
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.1% | 5.2% |
| Working from Home | 16.1% | 18.3% | 15.0% |
| Commute time (minutes) | 17 | 23 | 22 |
Approximately 375 people are unemployed in Cave Spring, Virginia.
The average commute time in Cave Spring is 17 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cave Spring, Virginia has fallen from 5.7% to 2.9% in 2024. Over that period the rate peaked at 6.0% in 2013 and fell as low as 2.6% in 2022.
Cave Spring, VA Wealth Compared With Nearby Cities
How Cave Spring, VA compares with the 2 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Cave Spring, VA | 23,140 | $83,579 #1/3 | 4.4%/yr #2/3 | 2.9% #1/3 | 0.511 #1/3 |
| Roanoke, VA | 98,343 | $55,625 | 4.5%/yr | 5.6% | 0.528 |
| Salem, VA | 25,618 | $66,398 | 2.8%/yr | 3.6% | 0.537 |
Conclusion
Considering all these factors, Cave Spring, 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 Cave Spring, Virginia.
How Rich Is Cave Spring, Virginia?
Cave Spring 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 $83,579, about 11% lower than the Virginia average of $93,527.
How fast is household income rising in Cave Spring, Virginia?
Between 2009 and 2024, the median household income in Cave Spring, Virginia rose 43%, from $58,557 to $83,579. Over the same years, income here lagged behind Virginia as a whole: +43% against +55%.
What was the median household income in Cave Spring in 2023?
In 2023, the median household income in Cave Spring, Virginia was $83,965, up 1% from $83,110 in 2022. The Virginia median that year was $91,420.
What was the median household income in Cave Spring in 2020?
In 2020, the median household income in Cave Spring, Virginia was $68,343. By 2024 it had risen 22% to $83,579.
How strong is the job market in Cave Spring, Virginia?
Unemployment in Cave Spring, Virginia is only 2.9%, well below the Virginia rate of 4.1%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Cave Spring, Virginia?
The Gini coefficient in Cave Spring is 0.511. 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 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Cave Spring, Virginia?
Since 2009, the income gap between men and women in Cave Spring, Virginia has narrowed from about 29% to 25% in 2024. Over that period the gap was widest at 30% in 2011, and was narrowest at 15% in 2019. In dollar terms, the gap has widened by $2,390 since 2009.
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