Wealth Index
Less wealthy than 80% 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 | Henry County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $48,632 | $91,409 | $78,145 |
| Median Personal Income | $45,959 | $68,517 | $61,726 |
| Average income growth | 4.9% | 4.6% | 5.1% |
| Six-Figure Earners | 4.4% | 17.6% | 13.2% |
The median household income in Henry County is about 47% lower than in Virginia. Income has been growing faster in Henry County (4.9%/yr) than in Virginia (4.6%/yr).
About 4% of adults in Henry 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 Henry County, Virginia grew by 41.0% from 2009 to 2023, reaching $48,632 in 2023. That's an average of about 4.9% per year.
Economic Inequality in Henry County | Gender Pay Gap | Gini Coefficient
| Metric | Henry County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.521 | 0.565 | 0.570 |
| Male Median Income | $52,673 | $76,014 | $67,746 |
| Female Median Income | $39,951 | $60,748 | $54,793 |
| Gender Pay Gap | 24.2% | 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 Henry County, it is 0.521, 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 32% more than women's income in Henry County, Virginia. Over a 35-year career, a 32% wage gap accumulates to roughly $445,270 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Henry County, Virginia has widened from about 13% to 24% in 2023. In dollar terms, the gap has widened by $8,638 since 2009.
Employment
| Metric | Henry County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.0% | 4.2% | 5.2% |
| Working from Home | 7.2% | 16.2% | 13.4% |
| Commute time (minutes) | 21 | 23 | 22 |
Approximately 865 people are unemployed in Henry County, Virginia.
The average commute time in Henry County is 21 minutes, shorter than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Henry County, Virginia has fallen from 12.3% to 4.0% in 2023.
Conclusion
Considering all these factors, Henry County, Virginia has an overall wealth index grade of D, making it somewhat worse than Virginia, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Henry County, Virginia.
How Rich Is Henry County, Virginia?
Henry County has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $48,632, about 47% lower than the Virginia average of $91,409.
What is the current median household income in Henry County, Virginia?
As of 2023, the median household income in Henry County, Virginia is $48,632.
What was the median household income in Henry County in 2023?
In 2023, the median household income in Henry County, Virginia was $48,632.
What was the median household income in Henry County in 2020?
In 2020, the median household income in Henry County, Virginia was $38,436.
What is the Gini coefficient in Henry County, Virginia?
The Gini coefficient in Henry County is 0.521. 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 Henry County, Virginia?
Since 2009, the income gap between men and women in Henry County, Virginia has widened from about 13% to 24% in 2023. In dollar terms, the gap has widened by $8,638 since 2009.