Wealth Index
Wealthier than 83% 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 | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $86,682 | $91,409 | $78,145 |
| Median Personal Income | $65,280 | $68,517 | $61,726 |
| Average income growth | 4.4% | 4.6% | 5.1% |
| Six-Figure Earners | 16.7% | 17.6% | 13.2% |
The median household income in Henrico County is about 5% lower than in Virginia. Income has been growing slower in Henrico County (4.4%/yr) than in Virginia (4.6%/yr).
About 17% of adults in Henrico 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 Henrico County, Virginia grew by 45.0% from 2009 to 2023, reaching $86,682 in 2023. That's an average of about 4.4% per year.
Economic Inequality in Henrico County | Gender Pay Gap | Gini Coefficient
| Metric | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.537 | 0.565 | 0.570 |
| Male Median Income | $73,048 | $76,014 | $67,746 |
| Female Median Income | $58,569 | $60,748 | $54,793 |
| Gender Pay Gap | 19.8% | 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 Henrico County, it is 0.537, 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 25% more than women's income in Henrico County, Virginia. Over a 35-year career, a 25% wage gap accumulates to roughly $506,765 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Henrico County, Virginia has narrowed from about 22% to 20% in 2023. In dollar terms, the gap has widened by $3,394 since 2009.
Employment
| Metric | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 4.2% | 5.2% |
| Working from Home | 19.8% | 16.2% | 13.4% |
| Commute time (minutes) | 20 | 23 | 22 |
Approximately 7,126 people are unemployed in Henrico County, Virginia.
The average commute time in Henrico County is 20 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Henrico County, Virginia has fallen from 7.0% to 3.9% in 2023.
Conclusion
Considering all these factors, Henrico 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 Henrico County, Virginia.
How Rich Is Henrico County, Virginia?
Henrico 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 $86,682, about 5% lower than the Virginia average of $91,409.
What is the current median household income in Henrico County, Virginia?
As of 2023, the median household income in Henrico County, Virginia is $86,682.
What was the median household income in Henrico County in 2023?
In 2023, the median household income in Henrico County, Virginia was $86,682.
What was the median household income in Henrico County in 2020?
In 2020, the median household income in Henrico County, Virginia was $72,802.
What is the Gini coefficient in Henrico County, Virginia?
The Gini coefficient in Henrico County is 0.537. 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 Henrico County, Virginia?
Since 2009, the income gap between men and women in Henrico County, Virginia has narrowed from about 22% to 20% in 2023. In dollar terms, the gap has widened by $3,394 since 2009.