Wealth Index
Wealthier than 92% 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 | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $109,758 | $91,409 | $78,145 |
| Median Personal Income | $71,479 | $68,517 | $61,726 |
| Average income growth | 4.4% | 4.6% | 5.1% |
| Six-Figure Earners | 17.6% | 17.6% | 13.2% |
The median household income in Hanover County is about 20% higher than in Virginia. Income has been growing slower in Hanover County (4.4%/yr) than in Virginia (4.6%/yr).
About 18% of adults in Hanover County earn six figures ($100,000 or more) a year, about the same as the Virginia average of 18%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Hanover County, Virginia grew by 43.2% from 2009 to 2023, reaching $109,758 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Hanover County | Gender Pay Gap | Gini Coefficient
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.532 | 0.565 | 0.570 |
| Male Median Income | $79,933 | $76,014 | $67,746 |
| Female Median Income | $63,313 | $60,748 | $54,793 |
| Gender Pay Gap | 20.8% | 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 Hanover County, it is 0.532, 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 Hanover County, Virginia. Over a 35-year career, a 26% wage gap accumulates to roughly $581,700 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Hanover County, Virginia has narrowed from about 26% to 21% in 2023. In dollar terms, the gap has widened by $1,060 since 2009.
Employment
| Metric | Hanover County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 4.2% | 5.2% |
| Working from Home | 16.2% | 16.2% | 13.4% |
| Commute time (minutes) | 23 | 23 | 22 |
Approximately 1,602 people are unemployed in Hanover County, Virginia.
The average commute time in Hanover County is 23 minutes, about the same as in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hanover County, Virginia has fallen from 4.3% to 2.7% in 2023.
Conclusion
Considering all these factors, Hanover 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 Hanover County, Virginia.
How Rich Is Hanover County, Virginia?
Hanover 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 $109,758, about 20% higher than the Virginia average of $91,409.
What is the current median household income in Hanover County, Virginia?
As of 2023, the median household income in Hanover County, Virginia is $109,758.
What was the median household income in Hanover County in 2023?
In 2023, the median household income in Hanover County, Virginia was $109,758.
What was the median household income in Hanover County in 2020?
In 2020, the median household income in Hanover County, Virginia was $91,495.
What is the Gini coefficient in Hanover County, Virginia?
The Gini coefficient in Hanover County is 0.532. 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 Hanover County, Virginia?
Since 2009, the income gap between men and women in Hanover County, Virginia has narrowed from about 26% to 21% in 2023. In dollar terms, the gap has widened by $1,060 since 2009.