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 | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $57,144 | $91,409 | $78,145 |
| Median Personal Income | $44,804 | $68,517 | $61,726 |
| Average income growth | 6.2% | 4.6% | 5.1% |
| Six-Figure Earners | 7.0% | 17.6% | 13.2% |
The median household income in Cumberland County is about 37% lower than in Virginia. Income has been growing faster in Cumberland County (6.2%/yr) than in Virginia (4.6%/yr).
About 7% of adults in Cumberland 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 Cumberland County, Virginia grew by 48.1% from 2009 to 2023, reaching $57,144 in 2023. That's an average of about 6.2% per year.
Economic Inequality in Cumberland County | Gender Pay Gap | Gini Coefficient
| Metric | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.524 | 0.565 | 0.570 |
| Male Median Income | $54,528 | $76,014 | $67,746 |
| Female Median Income | $43,302 | $60,748 | $54,793 |
| Gender Pay Gap | 20.6% | 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 Cumberland County, it is 0.524, 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 26% more than women's income in Cumberland County, Virginia. Over a 35-year career, a 26% wage gap accumulates to roughly $392,910 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Cumberland County, Virginia has narrowed from about 28% to 21% in 2023. In dollar terms, the gap has narrowed by $255 since 2009.
Employment
| Metric | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.9% | 4.2% | 5.2% |
| Working from Home | 6.8% | 16.2% | 13.4% |
| Commute time (minutes) | 32 | 23 | 22 |
Approximately 147 people are unemployed in Cumberland County, Virginia.
The average commute time in Cumberland County is 32 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Cumberland County, Virginia has fallen from 9.3% to 2.9% in 2023.
Conclusion
Considering all these factors, Cumberland County, Virginia has an overall wealth index grade of C, making it somewhat worse than Virginia, and about on par with the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Cumberland County, Virginia.
How Rich Is Cumberland County, Virginia?
Cumberland County has a wealth index grade of C. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a C grade means residents are close to the U.S. average. The median household income is $57,144, about 37% lower than the Virginia average of $91,409.
What is the current median household income in Cumberland County, Virginia?
As of 2023, the median household income in Cumberland County, Virginia is $57,144.
What was the median household income in Cumberland County in 2023?
In 2023, the median household income in Cumberland County, Virginia was $57,144.
What was the median household income in Cumberland County in 2020?
In 2020, the median household income in Cumberland County, Virginia was $50,354.
What is the Gini coefficient in Cumberland County, Virginia?
The Gini coefficient in Cumberland County is 0.524. 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 Cumberland County, Virginia?
Since 2009, the income gap between men and women in Cumberland County, Virginia has narrowed from about 28% to 21% in 2023. In dollar terms, the gap has narrowed by $255 since 2009.