Wealth Index
Wealthiest county 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 | Falls Church city | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $155,021 | $91,409 | $78,145 |
| Median Personal Income | $124,866 | $68,517 | $61,726 |
| Average income growth | 4.4% | 4.6% | 5.1% |
| Six-Figure Earners | 40.9% | 17.6% | 13.2% |
The median household income in Falls Church city is about 70% higher than in Virginia. Income has been growing slower in Falls Church city (4.4%/yr) than in Virginia (4.6%/yr).
About 41% of adults in Falls Church city earn six figures ($100,000 or more) a year, higher than the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Falls Church city, Virginia grew by 36.6% from 2009 to 2023, reaching $155,021 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Falls Church city | Gender Pay Gap | Gini Coefficient
| Metric | Falls Church city | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.508 | 0.565 | 0.570 |
| Male Median Income | $131,878 | $76,014 | $67,746 |
| Female Median Income | $114,613 | $60,748 | $54,793 |
| Gender Pay Gap | 13.1% | 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 Falls Church city, it is 0.508, 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 15% more than women's income in Falls Church city, Virginia. Over a 35-year career, a 15% wage gap accumulates to roughly $604,275 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Falls Church city, Virginia has narrowed from about 31% to 13% in 2023. In dollar terms, the gap has narrowed by $16,081 since 2009.
Employment
| Metric | Falls Church city | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.2% | 4.2% | 5.2% |
| Working from Home | 30.5% | 16.2% | 13.4% |
| Commute time (minutes) | 26 | 23 | 22 |
Approximately 525 people are unemployed in Falls Church city, Virginia.
The average commute time in Falls Church city is 26 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
The unemployment rate in Falls Church city, Virginia has stayed about flat at 6.2% since 2011.
Conclusion
Considering all these factors, Falls Church city, Virginia has an overall wealth index grade of A+, making it far better than Virginia, and far better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Falls Church city, Virginia.
How Rich Is Falls Church city, Virginia?
Falls Church city has a wealth index grade of A+. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A+ grade means it is one of the most prosperous areas in the country. The median household income is $155,021, about 70% higher than the Virginia average of $91,409.
What is the current median household income in Falls Church city, Virginia?
As of 2023, the median household income in Falls Church city, Virginia is $155,021.
What was the median household income in Falls Church city in 2023?
In 2023, the median household income in Falls Church city, Virginia was $155,021.
What was the median household income in Falls Church city in 2020?
In 2020, the median household income in Falls Church city, Virginia was $145,642.
What is the Gini coefficient in Falls Church city, Virginia?
The Gini coefficient in Falls Church city is 0.508. 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 Falls Church city, Virginia?
Since 2009, the income gap between men and women in Falls Church city, Virginia has narrowed from about 31% to 13% in 2023. In dollar terms, the gap has narrowed by $16,081 since 2009.