Wealth Index
Wealthier than 86% 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 | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $98,980 | $91,409 | $78,145 |
| Median Personal Income | $67,178 | $68,517 | $61,726 |
| Average income growth | 4.3% | 4.6% | 5.1% |
| Six-Figure Earners | 16.1% | 17.6% | 13.2% |
The median household income in Chesterfield County is about 8% higher than in Virginia. Income has been growing slower in Chesterfield County (4.3%/yr) than in Virginia (4.6%/yr).
About 16% of adults in Chesterfield 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 Chesterfield County, Virginia grew by 38.3% from 2009 to 2023, reaching $98,980 in 2023. That's an average of about 4.3% per year.
Economic Inequality in Chesterfield County | Gender Pay Gap | Gini Coefficient
| Metric | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.565 | 0.570 |
| Male Median Income | $73,879 | $76,014 | $67,746 |
| Female Median Income | $60,723 | $60,748 | $54,793 |
| Gender Pay Gap | 17.8% | 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 Chesterfield County, it is 0.536, 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 22% more than women's income in Chesterfield County, Virginia. Over a 35-year career, a 22% wage gap accumulates to roughly $460,460 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Chesterfield County, Virginia has narrowed from about 23% to 18% in 2023. In dollar terms, the gap has widened by $669 since 2009.
Employment
| Metric | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.6% | 4.2% | 5.2% |
| Working from Home | 17.0% | 16.2% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 9,149 people are unemployed in Chesterfield County, Virginia.
The average commute time in Chesterfield County is 25 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Chesterfield County, Virginia has fallen from 6.0% to 4.6% in 2023.
Conclusion
Considering all these factors, Chesterfield County, Virginia has an overall wealth index grade of B, making it somewhat better than Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Chesterfield County, Virginia.
How Rich Is Chesterfield County, Virginia?
Chesterfield 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 $98,980, about 8% higher than the Virginia average of $91,409.
What is the current median household income in Chesterfield County, Virginia?
As of 2023, the median household income in Chesterfield County, Virginia is $98,980.
What was the median household income in Chesterfield County in 2023?
In 2023, the median household income in Chesterfield County, Virginia was $98,980.
What was the median household income in Chesterfield County in 2020?
In 2020, the median household income in Chesterfield County, Virginia was $84,708.
What is the Gini coefficient in Chesterfield County, Virginia?
The Gini coefficient in Chesterfield County is 0.536. 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 Chesterfield County, Virginia?
Since 2009, the income gap between men and women in Chesterfield County, Virginia has narrowed from about 23% to 18% in 2023. In dollar terms, the gap has widened by $669 since 2009.