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 | Floyd County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $61,362 | $91,409 | $78,145 |
| Median Personal Income | $50,348 | $68,517 | $61,726 |
| Average income growth | 3.8% | 4.6% | 5.1% |
| Six-Figure Earners | 6.7% | 17.6% | 13.2% |
The median household income in Floyd County is about 33% lower than in Virginia. Income has been growing slower in Floyd County (3.8%/yr) than in Virginia (4.6%/yr).
About 7% of adults in Floyd 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 Floyd County, Virginia grew by 50.8% from 2009 to 2023, reaching $61,362 in 2023. That's an average of about 3.8% per year.
Economic Inequality in Floyd County | Gender Pay Gap | Gini Coefficient
| Metric | Floyd County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.501 | 0.565 | 0.570 |
| Male Median Income | $50,376 | $76,014 | $67,746 |
| Female Median Income | $50,302 | $60,748 | $54,793 |
| Gender Pay Gap | 0.1% | 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 Floyd County, it is 0.501, 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 0% more than women's income in Floyd County, Virginia.
Income by Sex Over Time
Since 2009, the income gap between men and women in Floyd County, Virginia has narrowed from about 20% to 0% in 2023. In dollar terms, the gap has narrowed by $7,776 since 2009.
Employment
| Metric | Floyd County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.3% | 4.2% | 5.2% |
| Working from Home | 10.2% | 16.2% | 13.4% |
| Commute time (minutes) | 30 | 23 | 22 |
Approximately 271 people are unemployed in Floyd County, Virginia.
The average commute time in Floyd County is 30 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Floyd County, Virginia has fallen from 6.0% to 3.3% in 2023.
Conclusion
Considering all these factors, Floyd 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 Floyd County, Virginia.
How Rich Is Floyd County, Virginia?
Floyd 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 $61,362, about 33% lower than the Virginia average of $91,409.
What is the current median household income in Floyd County, Virginia?
As of 2023, the median household income in Floyd County, Virginia is $61,362.
What was the median household income in Floyd County in 2023?
In 2023, the median household income in Floyd County, Virginia was $61,362.
What was the median household income in Floyd County in 2020?
In 2020, the median household income in Floyd County, Virginia was $52,068.
What is the Gini coefficient in Floyd County, Virginia?
The Gini coefficient in Floyd County is 0.501. 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 Floyd County, Virginia?
Since 2009, the income gap between men and women in Floyd County, Virginia has narrowed from about 20% to 0% in 2023. In dollar terms, the gap has narrowed by $7,776 since 2009.