Wealth Index
Wealthier than 84% 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 | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Median Household Income | $96,066 | $91,409 | $78,145 |
| Median Personal Income | $70,821 | $68,517 | $61,726 |
| Average income growth | 5.1% | 4.6% | 5.1% |
| Six-Figure Earners | 17.7% | 17.6% | 13.2% |
The median household income in Isle of Wight County is about 5% higher than in Virginia. Income has been growing faster in Isle of Wight County (5.1%/yr) than in Virginia (4.6%/yr).
About 18% of adults in Isle of Wight 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 Isle of Wight County, Virginia grew by 55.3% from 2009 to 2023, reaching $96,066 in 2023. That's an average of about 5.1% per year.
Economic Inequality in Isle of Wight County | Gender Pay Gap | Gini Coefficient
| Metric | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.536 | 0.565 | 0.570 |
| Male Median Income | $84,180 | $76,014 | $67,746 |
| Female Median Income | $59,113 | $60,748 | $54,793 |
| Gender Pay Gap | 29.8% | 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 Isle of Wight County, it is 0.536, 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 42% more than women's income in Isle of Wight County, Virginia. Over a 35-year career, a 42% wage gap accumulates to roughly $877,345 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Isle of Wight County, Virginia has narrowed from about 38% to 30% in 2023. In dollar terms, the gap has widened by $3,302 since 2009.
Employment
| Metric | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.5% | 4.2% | 5.2% |
| Working from Home | 10.1% | 16.2% | 13.4% |
| Commute time (minutes) | 28 | 23 | 22 |
Approximately 913 people are unemployed in Isle of Wight County, Virginia.
The average commute time in Isle of Wight County is 28 minutes, longer than the 23 minutes in Virginia.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Isle of Wight County, Virginia has fallen from 6.1% to 4.5% in 2023.
Conclusion
Considering all these factors, Isle of Wight 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 Isle of Wight County, Virginia.
How Wealthy Is Isle of Wight County, Virginia?
Isle of Wight 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 $96,066, about 5% higher than the Virginia average of $91,409.
What is the current median household income in Isle of Wight County, Virginia?
As of 2023, the median household income in Isle of Wight County, Virginia is $96,066.
What was the median household income in Isle of Wight County in 2023?
In 2023, the median household income in Isle of Wight County, Virginia was $96,066.
What was the median household income in Isle of Wight County in 2020?
In 2020, the median household income in Isle of Wight County, Virginia was $78,692.
What is the Gini coefficient in Isle of Wight County, Virginia?
The Gini coefficient in Isle of Wight County is 0.536. 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 Isle of Wight County, Virginia?
Since 2009, the income gap between men and women in Isle of Wight County, Virginia has narrowed from about 38% to 30% in 2023. In dollar terms, the gap has widened by $3,302 since 2009.