Wealth Index
Wealthier than 89% of counties 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 | Goochland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $118,190 | $91,409 | $78,145 |
| Median Personal Income | $76,691 | $68,517 | $61,726 |
| Average income growth | 5.1% | 4.6% | 5.1% |
| Six-Figure Earners | 21.7% | 17.6% | 13.2% |
The median household income in Goochland County is about 29% higher than in Virginia. Income has been growing faster in Goochland County (5.1%/yr) than in Virginia (4.6%/yr).
About 22% of adults in Goochland County 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 Goochland County, Virginia grew by 55.6% from 2009 to 2023, reaching $118,190 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Goochland County | Gender Pay Gap | Gini Coefficient
| Metric | Goochland County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.564 | 0.565 | 0.570 |
| Male Median Income | $93,860 | $76,014 | $67,746 |
| Female Median Income | $64,931 | $60,748 | $54,793 |
| Gender Pay Gap | 30.8% | 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 Goochland County, it is 0.564, about the same as Virginia's 0.565, so income here is about as evenly distributed as there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 45% more than women's income in Goochland County, Virginia. Over a 35-year career, a 45% wage gap accumulates to roughly $1,012,515 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Goochland County, Virginia has widened from about 28% to 31% in 2023. In dollar terms, the gap has widened by $12,909 since 2009.
Employment
| Metric | Goochland County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.6% | 4.2% | 5.2% |
| Working from Home | 18.3% | 16.2% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 324 people are unemployed in Goochland County, Virginia.
The average commute time in Goochland County is 28 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Goochland County, Virginia has fallen from 4.2% to 2.6% in 2023.
Conclusion
Considering all these factors, Goochland County, Virginia has an overall wealth index grade of B, making it somewhat better than Virginia, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Goochland County, Virginia.
How Rich Is Goochland County, Virginia?
Goochland 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 $118,190, about 29% higher than the Virginia average of $91,409.
What is the current median household income in Goochland County, Virginia?
As of 2023, the median household income in Goochland County, Virginia is $118,190.
What was the median household income in Goochland County in 2023?
In 2023, the median household income in Goochland County, Virginia was $118,190.
What was the median household income in Goochland County in 2020?
In 2020, the median household income in Goochland County, Virginia was $98,348.
What is the Gini coefficient in Goochland County, Virginia?
The Gini coefficient in Goochland County is 0.564. 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 Goochland County, Virginia?
Since 2009, the income gap between men and women in Goochland County, Virginia has widened from about 28% to 31% in 2023. In dollar terms, the gap has widened by $12,909 since 2009.