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 | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $41,713 | $91,409 | $78,145 |
| Median Personal Income | $48,136 | $68,517 | $61,726 |
| Average income growth | 2.9% | 4.6% | 5.1% |
| Six-Figure Earners | 2.4% | 17.6% | 13.2% |
The median household income in Covington city is about 54% lower than in Virginia. Income has been growing slower in Covington city (2.9%/yr) than in Virginia (4.6%/yr).
About 2% of adults in Covington city 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 Covington city, Virginia grew by 15.8% from 2009 to 2023, reaching $41,713 in 2023. That's an average of about 2.9% per year.
Economic Inequality in Covington city | Gender Pay Gap | Gini Coefficient
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.484 | 0.565 | 0.570 |
| Male Median Income | $52,114 | $76,014 | $67,746 |
| Female Median Income | $36,730 | $60,748 | $54,793 |
| Gender Pay Gap | 29.5% | 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 Covington city, it is 0.484, 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 42% more than women's income in Covington city, Virginia. Over a 35-year career, a 42% wage gap accumulates to roughly $538,440 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Covington city, Virginia has widened from about 25% to 30% in 2023. In dollar terms, the gap has widened by $6,517 since 2009.
Employment
| Metric | Covington city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.4% | 4.2% | 5.2% |
| Working from Home | 8.6% | 16.2% | 13.4% |
| Commute time (minutes) | 11 | 23 | 22 |
Approximately 50 people are unemployed in Covington city, Virginia.
The average commute time in Covington city is 11 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Covington city, Virginia has fallen from 4.9% to 2.4% in 2023.
Conclusion
Considering all these factors, Covington city, 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 Covington city, Virginia.
How Rich Is Covington city, Virginia?
Covington city 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 $41,713, about 54% lower than the Virginia average of $91,409.
What is the current median household income in Covington city, Virginia?
As of 2023, the median household income in Covington city, Virginia is $41,713.
What was the median household income in Covington city in 2023?
In 2023, the median household income in Covington city, Virginia was $41,713.
What was the median household income in Covington city in 2020?
In 2020, the median household income in Covington city, Virginia was $41,369.
What is the Gini coefficient in Covington city, Virginia?
The Gini coefficient in Covington city is 0.484. 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 Covington city, Virginia?
Since 2009, the income gap between men and women in Covington city, Virginia has widened from about 25% to 30% in 2023. In dollar terms, the gap has widened by $6,517 since 2009.