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 | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $64,212 | $91,409 | $78,145 |
| Median Personal Income | $53,659 | $68,517 | $61,726 |
| Average income growth | 7.6% | 4.6% | 5.1% |
| Six-Figure Earners | 8.3% | 17.6% | 13.2% |
The median household income in Craig County is about 30% lower than in Virginia. Income has been growing faster in Craig County (7.6%/yr) than in Virginia (4.6%/yr).
About 8% of adults in Craig 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 Craig County, Virginia grew by 32.3% from 2009 to 2023, reaching $64,212 in 2023. That's an average of about 7.6% per year.
Economic Inequality in Craig County | Gender Pay Gap | Gini Coefficient
| Metric | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.505 | 0.565 | 0.570 |
| Male Median Income | $54,087 | $76,014 | $67,746 |
| Female Median Income | $48,955 | $60,748 | $54,793 |
| Gender Pay Gap | 9.5% | 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 Craig County, it is 0.505, 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 10% more than women's income in Craig County, Virginia. Over a 35-year career, a 10% wage gap accumulates to roughly $179,620 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Craig County, Virginia has narrowed from about 19% to 9% in 2023. In dollar terms, the gap has narrowed by $1,566 since 2009.
Employment
| Metric | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.3% | 4.2% | 5.2% |
| Working from Home | 8.3% | 16.2% | 13.4% |
| Commute time (minutes) | 33 | 23 | 22 |
Approximately 47 people are unemployed in Craig County, Virginia.
The average commute time in Craig County is 33 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Craig County, Virginia has risen from 1.9% to 2.3% in 2023.
Conclusion
Considering all these factors, Craig 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 Craig County, Virginia.
How Rich Is Craig County, Virginia?
Craig 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 $64,212, about 30% lower than the Virginia average of $91,409.
What is the current median household income in Craig County, Virginia?
As of 2023, the median household income in Craig County, Virginia is $64,212.
What was the median household income in Craig County in 2023?
In 2023, the median household income in Craig County, Virginia was $64,212.
What was the median household income in Craig County in 2020?
In 2020, the median household income in Craig County, Virginia was $55,122.
What is the Gini coefficient in Craig County, Virginia?
The Gini coefficient in Craig County is 0.505. 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 Craig County, Virginia?
Since 2009, the income gap between men and women in Craig County, Virginia has narrowed from about 19% to 9% in 2023. In dollar terms, the gap has narrowed by $1,566 since 2009.